I looked at the thickness of the bait at the place I wanted to put a joint, and figured out how much lure material I wanted left in front of the pin. Then I added enough for the thickness of the screw eye, and a little for hinge clearance, and made the angle of my hinge joint enough to have that much material on my male end, where the pin is located.
If you've cut your joint, and, when you go to drill for you pin, you find you have to move it past the joint cut in order to have enough material to be strong, you can steepen the angle of you male joint faces until it passes the pin point.
I find the easiest way for me is to cut the joint, drill for the pin with the proper angle+-, add my screw eyes to the female part, and then cut my hinge slots with a band saw until they are deep enough for the eyes to move freely. I used a band saw because I could make cuts that were tighter than drilling, so there isn't as much vertical movement in the joint.
Once that's done, the band saw slots show me how much steeper I need to make the joint face so the slot is still in the joint, and not on the face of the lure.
If you look at the pictures I posted on the first page of this thread, you'll see two store bought S Wavers, plus my own version. The slots in mine reach the edge of the joint face. I did steepen the joint face until the slots were totally in the joint.
It's purely an aesthetic thing for me. I don't think the fish care.