Take a magnet and wave it around in sparkly oil, it's disappointing how little it picks up once it has a tiny bit of fuzz on it. Even neobdymium. If there is any oil movement, stuff washes off. Once theres a fuzz on it, you can't pick up any bigger parts with it. The capacity is very very small. All sounds like a great idea until you fool around with one in your hand. It's basically nothing compared to a pleated paper filter.
I think to make a difference it must be a large area, and low flow. Large magnet with lots of surface area on the bottom of a pan is great. Lots of magnets on the outside of a filter sounds good too, mostly because it's easy.
On the drainplug where you can remove and observe can suggest what's happening in there. I've been amazed at what settles by gravity, sometime I will try draining off the bottom quart after sitting and pour in a fresh quart on top.