The short answer is: NO, you don't have to worry about your compression lock moving all the way over.
However, unlike on a 'Walker' or liner lock, blade play in a compression lock folder is not related to the movement of the lock bar. Looking from above or below, both lock types similarly move east-west to open-close; but that is where the similarity ends. On an open liner lock, the blade exerts pressure north-south along the entire length of the lock bar, and blade play can develop as the lock bar becomes fatigued from use.
A compression lock works differently and is much stronger and more fail-proof. Looking at your P-Mil from the side, the open lock bar is pinched or "compressed" between the stop pin and the rear of the blade tang, not along the spring bar. Unlike on a liner lock, no amount of pressure on the blade can cause the lock to fail; the blade would break before the stop pin or pivot pin could be sheared off. Hence, it does not matter where the lock bar stops along its east-west axis because use does not fatigue the spring bar per se. If/when blade play develops, it does so usually because the softer steel sleeve of the stop pin becomes imperceptibly 'compressed.' This is why users often say that they just rotate the stop pin and their blade play goes away.
Also, on a liner lock, blade play indicates fatigue that can affect the performance and reliability of the lock. However, blade play on a compression lock may reflect slight imprecision in manufacturing, but it has no bearing on its strength. Once the lock bar is in place, it can only be closed manually, not by pressure on the blade.
Of course, if you want a response from Spyderco itself, you can post in their forum here...
Hope this clarifies --
Glen