The plunge area is where the tang meets the bevel. Some people prefer a nice square gouge there, that is easier to do on flat grind.
It depends on the knife for me, right now I'm trying some flat grinding and slightly convex grinding because I'm using a 4x 36 sander. I have hollow ground on my bench grinder but it didn't give me much control and the blades had to be very simple.If I had a better grinder I would probably hollow grind.
Alot of people say that a flat grind is stonger just above the edge because it is thicker than a hollow grind. That may be true, but others say that the thin edge of a hollow grind cuts better, and the blade can be thicker above the grind if you dont do a full face grind of the blade. I've used both and I think if you have the knife scary sharp, they both cut fine. So its more a matter of how you want it to look if you ask me.
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Fix it right the first time, use Baling Wire !