For the various leather working tools that I use that have an edge similar in size and shape to a guthook, I use a piece of round nylon sash cord and rub it full of Jeweler's Rouge. It costs about a buck and you should be able to get it at a hobby store. Tie a bowline knot in one end so that you can loop it over some thing stationary, pull the string tight with one hand and rub it full of the Rouge, then strop your knife edge on it. It'll work like a champ and weighs almost nothing. I carry a peice of an old stirrup leather about a foot long rubbed full of jeweler's rouge to strop a skinning knife too. Roll it up, tie it with a string, throw it in a daypack and forget it.
