Froggy
You said locust... do you mean black locust (Robinia psuedoacacia , or Honey Locust, ( Gledistisa tricanthos )
I have seen some scary failures in Black Locust, as their decay points seem to travel for a long time (poor wall 1???) however they seem quite strong prior to decay... they always seem to have large carpenter ant infestations around here... ( I heard somewhere once this wood was used for ships masts, but rarely have I seen a tree straight enough for this... anyone else heard the same?)
Honey locust has never really scared me, seems to have reasonable failure traits... topping wounds, occasional included bark, rarely have I seen huge holes which travel beyond visible cues of reation wood forming etc.
You also ask how much should be left to determine if it's safe...???
Are you condsidering pruning these trees to reduce the likelyhood of failure? Then we are really moving into a whole other issue, which is very hard to wrap ones head around, particularly when looking at the sorrounding environment.
I tend to be an advocate of less is more, there are other opinons here though. Reducing a trees overall size can be considered risk management/prolonging the slow death/ what have you...
If a tree has a cavity higer up in it's canopy, and is in slow decline, (well anywhere actually but for this case lets say it up there) it may not be able to put on enough wood to support the load, as the cavity continues to enlarge. In which case action should be take to reduce the risk of failure/propety damage. As you decide what to do always take into account the targets, a weak point isn't high risk if there is no target within it's grasp... that target may be a pedestrian... it might be a shed... it might just be the garden below.
Ah... I think I'm rambling on, no perhaps off...
I'll shut up now and see if this is the direction you were headed
P.S. I wanted to add in here... good reading for this sort of thing is Mattheck and Breloer's 'The body Language of Trees' This book is great for sorting out in your head some of the concepts of failures, what to look for etc.