It's like a whip. As long as the whip has sufficient length, added length does not increase velocity at the tip.
I hate to disagree (hell, no I don't) but this just isn't true in my completely non-scientifically based opinion. Here is my analysis of a disc throw.
An arm is not like a whip. Whips are totally elastic and this allows for a more complete conservation of energy down the length. There are no joints in a whip.
An arm has three joints that are manipulated; shoulder, elbow, and wrist. Between each joint is a load, being either your upper arm, lower arm, or your hand.
When you enter the pull, you are exerting force on the first load through the shoulder joint. This force travels through the upper arm, is converted into speed, and deposits into the elbow joint. The longer the upper arm, the more speed is translated into the elbow. The first load can be analogized to a hammer; it is swung on a fixed pivot, and the longer the handle (upper arm) the more speed and more energy goes into the resulting energy transfer (the elbow).
Energy (exibited as speed) is transfered into the elbow which flows into the second load (the lower arm) and the same thing happens that happened to the first load. The energy is converted into speed of the load (lower arm) which is passed into the wrist joint. Finally, the energy from the wrist joint is converted into speed of the hand.
When you throw a disc properly, a fourth joint is added, being the joint between your finger and the disc. The same thing happens here. Speed from your hand is converted into energy within the joint (finger) and this is converted into speed at the far end of the disc.
"half hitting" occurs when you do not add this fourth joint. Essentially, if you do not add the fourth joint, you are merely adding the diameter of the disc to the length of your arm in the last segment of the energy series. It is still effective at putting energy into the disc, but force will be limited to how much energy you can put into your hand. On the other hand, if you add the fourth joint you have two levers; one the length of your hand and another the length of the disc. The two levers working in a series produce more speed then just the one longer one because levers in a series don't merely add, they multiply.