Hi Joe,
Welcome to the forum.
I'm sure Mr Charlesworth will wade in shortly -and what he doesn't know about cambered plane irons probably isn't worth knowing. If you can still find a copy of this November's F&C there is a fantastic article about this very subject. But in the meantime here's my fourpennerth.
Installing a slight camber is actually qute a big metal removal job in waterstone terms but it can be done. From your description and symptoms it sounds as though you are using honing techniques and materials to do a grinding job. If it's any consolation I did exactly the same when I first started using waterstones, lots of mess, lots of furrowed brows and pipper all progress! Once you take a step back you realise what you are doing it all becomes clear; you wouldn't want shorten a board by four feet with a shooting board and a block plane, but (if I'm right) that is the equivalent of what you are doing.
First off I would highly recommend using some sort of grinder for this operation, be it a water cooled grinding wheel like the Tormek, or a belt based system like the Sorby Pro-Edge. If you have a friend who has one of these machines and can install a camber for you in 10 minutes it's well worth the postage back and forth and a couple of pints for all the effort it will save you. People describe waterstones as being 'fast' which can be confusing if taken out of context. An olympic sprinter is 'fast', but if you want to run a marathon, then the best tool for the job is a motorbike.
If you do want to do it by hand, go for a very coarse stone 240 - 250 grit and work one side of the blade at a time along the centre of the stone. If you use the honing guide the blade will naturally follow an arc giving you a wear pattern like this )( on the surface of the stone. If you do it freehand, try to keep the wear pattern straight ll.
Once you have two well established triangular facets on either side, you need to straighten up the groove in your waterstone (if necessary) so that it looks like this l l rather than this )( A large cardboard mailing tube with some 80 grit wrapped around it is your best friend for this job. Now work the blade straight along the groove, using lots of pressure and firm positive pull strokes - avoid the urge to scrub back and forth like a washerwoman as this will give you a bevel that is rounded in both planes. Waterstones are all about slow, intentional, considered strokes.
Once the facets have melted into each other and you have a smooth continuous curve, carefully remove the burr, don't use the coarse stone for this, try drawing the upturned blade onto a piece of scrap hardwood to bend back the burr without scratching the polised back of the blade. You can now go back to your honing setup and polish a microbevel on the edge.