Photobum, thanks so much for sharing your passion AND knowledge with us!
I used to use a fine Arkansas stone and a very fine mineral oil that really reminded me of kerosene to hone my blades. But I was never really good at maintaining a proper horning angle. :embrass:
The finest Arkansas stone available is equivalent to a grit of between 800 to 1,000 on a Japanese ceramic whetstone, which is still too coarse for smooth cutting (that 'cutting through thin air' feeling which all kitchen samurai crave).
I do understand your intention of using mineral oil during sharpening as this reduces heat induced with friction. Keep in mind that using oil when sharpening also reduces the steel shaving properties of your Arkansas stone by at least 40% to 60% (depending on the amount of oil you add). This means that it will take you longer time to sharpen your knives. Here is the 'equation':
Longer time = more effort.
More effort = more force exerted on the blade surface.
Longer time + more force = more heat over a prolong period of time.
More heat = a weaker blade (lower HRC index)
A weaker blade = shorter service span per sharpening.
Shorter service span = you will have to sharpen your knives often.
In short, your knives will not last as long. Therefore, it is better to use clean plain water.
Furthermore, sharpening knives with oil may cause you to lose your grip on the handle and slip. This will lead to serious injury. :nono:
Just as I told Sore-Eyez about getting the wrong angle, don't worry too much. I had that same fear as yours before. After I learn how to do it, it is actually quite easy.