I am a former collector's club member also.
I did not like the lag in delivery times. These are hardcore fans who now are going to get EVERY Spyderco knife they own months later than every other person on the street... Not good.
I love the Sprint Runs, but as a base level collector club member, I found that most (if not all) of the knives I wanted, I was not getting in the club.
From an investment standpoint, unless you have a large collection of numbered knives there is no real value incentive. Individually marked knives have no special value on the market.
There are reasons for why this happening. And it goes beyond simply the engraver being behind. The reality is the way Spyderco makes and distributes knives today, makes the Collector's Club a dinosaur from the past. Sprints, pilot runs, just put it down.
It is not working, either fix it or put to rest...
What I would do is this.
Stop the current Collector's Club. If you have large or even complete set of numbered knives... Watch the value climb. End the club, then make a new one, much like the Emerson Collector's Club, where a special knife is made once or twice a year that ONLY is available to club members.
I would sign back up for that.