"So, the chips on an Altair 8800 compatible S-100 board that get or send signals to/from the bus have chips that are closest (near the bottom fingers) of the board to protect the rest of the board circuit from odd reflections that would otherwise occur if those chips were not there? Then the circuit up higher on the board is the primary function of the board in a general sense"
Yes, you want the chips that drive and receive bus signals located close to the bus connector, generally buffers like LS244 or LS365 or 367. Then the rest of the logic can be wherever it needs to be on the board. Though the same issues apply on long signal lines on the board.
Sometimes signals on the board may require termination, though if it's a fast unidirectional signal driving something across the board you can get away with a series resistor at the output of the driving gate. If the resistor plus the output impedance of the driver matches the line impedance, the wave propagates down the line at half the driver output voltage and when the wave hits the end of the line, it doubles and propagates back. If your receiver is at the end of the line it gets a clean full voltage signal at that time. When the reflected wave hits the terminator at the driving end, if it's higher or lower voltage than the output of the driver it gets absorbed for the most part. Subsequent reflections, if any, are above the input threshold of the receiver and don't have any effect.
That can work with multiple receivers, but it depends on the input threshold being either above or below the initial wave. If they are lower, they all change state at the time of the initial wave, if they are higher, then they change when the reflected wave comes back and pushes the voltage at that point above the threshold. But they all change at slightly different times depending on location along the line.
The advantage of the series termination is less power dissipation than parallel termination.
The issue of signal integrity is why PCIe lines are point to point with separate lines for each direction of data. No worries about stuff in between messing up the impedance of the line or having to deal with terminating a bidirectional line. Which is how they can run at such incredible speeds.
Which is all more information than you probably wanted. :)