When you aquire a target lock, the ship you are locking onto MUST to be within your firing arc and with in range 3. Correct? Then once that round is done, and said ship is out of range, you can still fire on them, hence the target lock. Right?

No and no.

You can acquire a target lock on any ship in range 1-3, it doesn't have to be in your firing arc.

Target locks don't change anything about what you can fire, except for allowing you to fire weapons with the Attack: Target Lock header, in the range specified on those weapons.

All a TL does by default is let you reroll dice when attacking.

Negative. You can acquire a target lock on ships even outside of your arc, as long as they are within range 3. If they move out of range or arc (and you don't have a weapon that fires outside your arc), then you won't have a shot. The target lock is primarily used to enable you to fire ordnance or to get rerolls for your attacks to give you a higher chance of hitting and getting more damage through onto your opponent.

Target Lock is on Page 19 of The Rules Reference.

5 hours ago, jmswood said:

Target Lock is on Page 19 of The Rules Reference.

That just tells you what it is, not how it works. Page 3 has much more info under " Acquire a Target Lock "

9 hours ago, VaderWalker said:

When you aquire a target lock, the ship you are locking onto MUST to be within your firing arc and with in range 3. Correct? Then once that round is done, and said ship is out of range, you can still fire on them, hence the target lock. Right?

Essential reading material: https://images-cdn.fantasyflightgames.com/filer_public/40/b4/40b44d5f-7a06-406c-ae6e-183c5297e796/swx36_rulesreference.pdf