Weight and corrosion resistance are the top reasons, but other benefits are no need for heat treatment to act as a spring, and the finishing options with anodizing. Few people want to buy heavy steel frame locks for custom prices. Milling, grinding, laser cutting Ti in my experience isn't much of a challenge. Drilling isn't either with carbide tools or proper technique and hss. Tapping is the only thing that really seems to be difficult with no real way to avoid it's difficulty (as you said, high spring back). Lack of magnetism is inconvenient, it's hard to surface grind on carpet tape because of it's low thermal conductivity.
Carb
idizing the lock face is certainly an option and many people do it but I don't find it to be a requirement. The amount of wear occurring on a lock face is pretty low. Proper lock angle will eliminate sticking.
It's not that steel is bad advice and I would encourage anyone making their first frame lock to use steel for the ease and expense if they're not confident their first designs are going to work. Just, like the other guys said, titanium seems to currently be the most common trend that buyers want.
I don't particularly like frame locks and have been making liner locks, but with Ti liners and back spacers. Milling a back spacer to the right thickness, clamping and reclamping since I can't just slap it on a magnet.
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