if its a folder take the blade of and protect every area of the tang that could interfere with the action : where the washers should be, the pivot hole, the lock area on liners and frames, the lock notch and all the round portion of the tang on lockbacks ....
never put an assembled folder on ferric chloride, even if you just dip the blade, if the handle touches the liquid it may go inside by capilarity and you'll never neutralise the etchant without disassembling.
if a fixed blade i'd remove the scales if possible and protect the spine and circumference of the tang unless you can immerge the whole knife. if you dont the difference between the etched blade an the unetched tang will look terrible, and depending how long you etch it can be petty hard to get even by hand.
most advises may sound obvious but better safe than sorry.