I use it dry, just dust a very small amt onto the wood surface and use soft cloth pad to rub out the finish. The old reliable worn T-Shirt material works well. Folded over a few times to make a pad.
I've saved the pad as it still holds the rottenstone in it after use and re-use it again and again on othe stocks and grips.
I store it in a plastic bag, If I do happen to drop it onto the floor while using it, it gets trashed immedietely as it lkely picks up some tiny narly bits of metal filings off the floor that won't do th finish on the wood much good.
I use Pumice the same way. It's just coarser grit than the Rottenstone,
I have used both with a Linseed Oil top coating on a dried finish. I use the snobby Artist Linseed Oil , the smaller bottles for oil paint artists.
I find the stuff actually drys in a couple days+ unlike the hardware BLO in a big can.
You use so little of it in a stock coating, or should be using so little, that the small bottle goes a long way.
I apply the thinnest hand rubbed out layer of oil I can on the wood all over first. Then sprinkle a tiny amt of either onto the surface right onto that oil.
Then again hand rub the surface down once again. No pad this time,,just bare hand rubbed down.
Set it aside for 12hrs or so. Then go back and hand rub it out again w/o adding any more oil or rottenstone. The Linseed will still be soft and the surface will be able to be polished again with the mix. Any harsh gloss will be gone and the nice oil finish type glow will result after letting this second session completely dry, which will take a while.
You can always add more micro thin layers on top of it of course.
Just the way I do it, There are plenty of other ways. Results are what count.