You can definitly keep using the paste. However, it's a waste of your time and money. Bonsai trees are so small that any wound will heal much faster than a full size tree.
Wounds seal on trees and to accomplish this they must be dry and uncovered.
Read this to understand CODIT:
en.wikipedia.org/wiki/Compartmentalization_of_decay_in_trees
I suggest if you're going to still use dressings please use either the Oragne Shellac or Black Balsam. These at least are natural non-toxic and used by arborists.