I liked the LoneWolf Paul locks as well. Before they closed, they gave me these instructions on adjusting the Paul lock and maintenance:
1) The blade lock-up should be snug and not rotate. We do use Loctite 242 (Blue color) to install the screws to prevent them from backing out. In this case it sounds like we either didn't use enough or it did not cure properly. We would be happy to do this adjustment for you, or if you prefer, you can complete the adjustment at home using the following steps. [Note, there is a eccentric stop pin with screws on both sides of scale, this is what the directions refer to] First, remove both of the small eccentric screws. Knife should be open, pin will not fall out. Second, turn the eccentric pin counterclockwise towards the blade until snug, but not tight. There is a slot for a tiny screw driver in the face side (side with Paul on it). Third, replace the back side screw first using Loctite 242. Back side has no logo. Tighten the screw until snug. Fourth, replace the front side screw using Loctite and turn only until it stops. Over turning this screw will move the eccentric away from the blade again. Lastly, loosen the backside screws an 1/8th of a turn to allow the blade to pivot freely. Test action, blade should swing freely and button lock should work. If blade does not swing, loosen back screw, if button does not lock closed, loosen front screw. Then allow the knife to dry in the open position for at least two hours.
2) To clean the locking mechanism, we recommend putting a couple of drops of WD-40 in the back side of the mechanism, between the nut and the key. Allow the WD-40 to sit for a couple of minutes to allow the debris or sticky substances break-up and dissolve. Next, blow out the WD-40 using an air compressor or dusting air for electronics and keyboards. If you don't have any of these options available, then warm (not hot) water can be used to rinse out the WD-40. Make sure to dry the knife thoroughly. Lastly, re-lubricate the mechanism using a light oil. We use Hoppe's gun oil here in our factory.