Like Dex, I like to see the liner engage halfway through the tang. However, a linerlock that locks up solid does not necesarily have to hit there. In fact, it can lock up solid even being to the left or right, though there are some cautions. Too far to the left, and it might auto-disengage too easily on you. Too far to the right and, well, we'll talk about that below.
The linerlock is a self-adjusting mechanism. As the liner wears, it gets a little shorter. As it gets shorter, it moves further to the right. However, lockup should remain tight, due to the angle on the back of the tang. That angle on the tang back is what keeps the liner lock tight when it wears; picking the wrong angle is one of the major factors of liner-lock failure, however (that's a different rant, don't get me started
).
Many liner locks will just engage the blade at the far left at first. There's usually a quick break-in period over the first 50-100 openings, over which the liner quickly moves over to the right a bit. That's why many of us (e.g., Darrel Ralph) like to see a liner that's a bit to the left when the knife is brand new. After the initial break-in period, that liner will move over to the right a bit, enough to engage the blade a bit more but still leave plenty of room to wear.
On a properly-executed liner lock, as the liner wears over time, it will eventually move all the way over to the right. There are two possible problems when that happens. First, having reached the rightmost point, if the liner wears any more it can't simply move, so it will introduce play into the blade lockup. Second, it can bind with the blade, inhibiting function.
Usually, getting to this rightmost point takes a *long* time on a well-made liner lock, though some knives, like the Buck Crosslocks you mentioned, are consistently badly done and *start* over way to the right. If this happens on a custom knife, the maker can simply put in a stop pin that's a TINY bit bigger than the current one. Think about this a bit, and you'll be able to figure out why it helps (hint: it will move the liner off to the left again, you'll be starting afresh!).
Joe
jat@cup.hp.com
[This message has been edited by Joe Talmadge (edited 29 November 1998).]