Thanks very much for the information, Brian and Shelly. Trust me, you are both a lot of help! Well. The more I learn the less I seem to know about this stuff, ha ha.
This lace is spooled. It definitely does not feel oily. At this point I am so far from having the knowledge to choose a whole hide, not to mention magically turning it into (usable) strings, that that is just not really an option. I am beveling at 45 degrees, and that's what I beveled the calf and goat lace at, too.
I have a lot of this lace, so I'll try soaking it in liquid saddle soap as Shelly suggests. If I don't have good luck with that, I guess I'll go buy some extra knife blades.
Thanks again for your time!