Steve,
I think you are right, just a loose pivot, but I want to make sure. It's alot easier get somebody on the phone and talk them through it. I just answered a similar question for somebody else on the telephone. I don't know if most folks understand the importance of keeping your pivot screw "relativly" tight in a frame lock [or liner lock]. This ensures that the lock arm and the blade contact at the the same angle everytime, which is of course important for consistant lock-up. This is what regulates the dreaded "blade wobble" that everybody looks for. Also, a loose pivot is usually the culprit when a blade doesn't "fall down the middle" when the blade closes. If the pivot is loose, it allows the lock arm to puch the blade off center slightly, which of course shows up out at the tip of the blade much more readily.
I said that you should keep a "relativly" tight pivot, because of course, a screw type pivot is user adjustable. You can tune the action to your liking. Alot of folks loosen their pivot up so the blade opens VERY easily, which can make for alot of fun, flicking the blade open. As outlined above, this can cause other problems, plus it will usually speed up the wear and tear on the knife's lock work.
Sorry Steve, I know you know this stuff, but it just kinda rolled out
If folks have any more questions about CAMILLUS/CUDA/BK&T/WESTERN knives, feel free to come on over to the CAMILLUS forum here on bladeforums, and we'll do our best to help.
------------------
Stay Sharp!
Will Fennell
Camillus Cutlery
www.camillusknives.com