If one likes a favorite , say in the -120 to -160 range, and it is 3 hours (or some other time if you think it is pertinent) before game time , without considering any other factors....
In general, is it better to :
a - bet now
b - wait until close to game time
c - no conclusion - (in the long run, lines change both ways about equally)
Also, same as above - is there a difference if the favorite is home or away?
Also, same as above - is there a difference based on direction of previous line moves?
If you are talking about when to get the best line, the circumstances should effect your mindset. If you the favorite is getting a lot of chalk because the team has been on a roll lately, the line will most likely get worse the longer you wait.
I personally like to bet early as I think most home favs move against your favor as the public bets mostly home favorites. I like to get em out early as possible and for most underdog plays I get half out early and wait to see how the line moves to place the second half of my bet.
There is no right answer to this. The only advice I can give is that if you bet long enough you'll be able to have a pretty good idea about which way the line is going to move. You won't always be right (obviously), but if you can be right about 58% of the time, you'll be in very good shape.