Well, I'm going to sound like a broken record since I just mentioned this steel in another thread, but here goes...
If I had to make a framelock out of steel (which is going to be much heavier than titanium and cause your knife to be less sellable since everyone seems to expect titanium in better-quality knives), I would use 17-4.
I'm not familiar with the alloy you mentioned or its characteristics, but 17-4 is easy to work and it's a precipitation hardening material, which means a very easy heat treat that is also extremely gentle (Heat to 900F for specified period then let cool to reach max hardness of ~45 Rc.)
I'm using a lot of this material now and have tested (torture tested it.) It features outstanding wear characteristics and simply will not snap in the application you describe.
Still, for weight and sale-ability, your best bet is Ti.