So long as any screw adjustments can be securely locked in place, an adjustable engage distance would be an excellent addition (cost permitting of course). Less moving parts is generally preferred from a reliability perspective, but if you have a good locking/latching mechanism then it might not be an issue.
In Tekken specifically, it is to the player’s advantage to be moving at all times (constantly alternating left and right), so the transition between engage and neutral is generally a smooth one on those sticks.
It is also a bad idea to let go of the lever at any time; most if not all players guide the return to neutral themselves. The only sticks I can think of with a sharp (rough) mechanical return to neutral are American style battops (a la Happ), and they return so hard that they could almost actuate the opposite direction if the battop had enough inertia or if the switches were worn enough. Generally speaking, so long as your lever is not capable of bouncing and actuating another switch upon returning to neutral (assuming your hands are off of it), it should be fine. I would test with heavier balltops to make sure this is not an issue.