I think you would get some buyers for it. There are always people who are looking for the next new thing. I think eveled is on the right track with making some kind of spline lock, which doesn't have to look like a traditional axle spline, either.
The spring arrangement to retain the balls (similar to what you see in a socket wrench) is a lot of little pieces in a small area, and you would end up selling a lot of replacement parts for people who took the thing apart and had springs and lock balls flying off, never to be found again.
Seems to me, the "advantages" (read: selling points) of any new lock are ease of use and it's ability to remain locked under... "persuasive forces". People like the idea that their knife is going to remain locked, no matter what dumbness they try to do with it.
Okay, maybe that's just me, but those "More Proof" videos from Cold Steel seemed like they got around.
You should also take a look at Flavio Ikoma's "Deadbolt" lock.
It's similar to what you're talking about, and it's in production, so you know it works.
If you know a machinist or a mechanical engineer, I would start by talking to them. There's a heck of a lot that has nothing to do with the lock mechanism, and it all has to work together, or it will sink your idea.
If you don't have connections to a machine shop, I would still suggest trying to make some prototypes on your own. Make it out of wood or plastic, if you have to, the important thing is to make sure it works, outside your head. Then, you can get lost in the weeds about things like parts counts, materials selection, and machining cost.