Someone may have said this, but . . . . to be clear . . .
The rim lock is supposed to go INTO the tire, past the two inside edges of the tire. I should even present a risk of pinching the tube if part of the tube gets pinched between the lock when it is tightened down against the tire.
That way, the rim lock when you tighten it's nut, pulls the tire down and clamps it tight to the rim.
That's why it is called a "rim lock" and that is how it prevents a low pressure tire (as is preferred in dirt riding) from spinning on the rim and causing the inner tube's valve to get ripped by that slipping/spinning.
And the strange thing was when I put the WM3 rim lock back in the WM2 wheel with tube and tire, it flopped around loosely.
I had never done one before, so I was trying to understand, and I thought it would be catching the bead of the tire or doing something, but it did not. Next I inflated the tube and it was pressed firmly in place. The tire also mounted up perfectly normally.
I hadn't yet verified that my wheel was a WM3 as the lock said it was for. Being suspicious of something not right, I measured the outside of wheel and determined it to be a WM2. Still, I wonder about the fit even with the rim lock being wrong. My new WM2 rim lock should arrive today. I'll see how that one fits on my WM2 rim. I would think it should fit as you say?
I believe my rim to be original from '76. The tires had manufacturing dates of 2002. The inside of rear rim and bottom of rim lock were painted with a dark red paint, probably rust inhibitor maybe done when the 2002 tires were installed?
The tubes should've been changed then too. They did have one hex head nut with metal washer and rubber grommet tightened to the wheel. My speculation is that the original tube had the knurled valve stem nut as Greg mentioned, indicating replacement tubes with new 12 mm hex nut, combined with original metal washer and grommet on valve stem. That being said, where did the WM3 rim lock come from, why was it in there, and why did it not grab the tire bead?
I will post when I can compare the the old with the new rim locks and possibly conclude this gripping endeavor!