Dan,
You obviously are very knowlegable about the construction and internal function of the lock components and I agree that during the centuries of evolution of the lock, form did follow function. However, an examination of my latest "flyless" lock, by me and a couple other shooters, found it to be perfectly functional without the fly. The sear bar maintains it's same location in the down, half and full cock positions. The only compromise noted was, as "captchee" stated, the notch locations in the tumbler do necessitate the halfcock and fullcock positions be fairly close.
I'm going to put this lock on a rifle and shoot it for a while and I'll let you know if I do experience any problems with it. I'm not trying to be argumentative, I'm just trying to share some information with like minded people.