What if they build two coin simultaneously with locks to each? Both offline. Wouldn't that still be an issue?

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If they build two token with two locks, they would have to spend two times the amount as well

I am saying if they made two with the initial token as the input, they'd still run into issues, correct?

That is not how it works. A token can not be used as an input twice. The mint will not allow double spending it

That doesn't matter. If someone two folks took the same token off line, there is a race to swap with the mint. So the person online first actually gets the value. Imagine selling something of value for a token you can't the value from. Isn't that a possiblity?