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you know miko, you make a great point, because the only things in the motor that are steel are the bearings, rings and the crank correct? the rods, block, pistons(?), & head are all aluminum so they wont show up on the drain plug. Anyway, I am going to throw my old motor back in after I get the oil filter bracket. I will do a complete teardown of the VE in the Spring so that i can have it bored and sleeved to 92mm, have the head ported, and get some nice new pistons. Hopefully I don't rush into the build as it will be my first motor teardown.
The rods are steal but there is nothing to wear on the rods that will be magnatized.
The bearing on the rod to piston is bronze-copper. Something like that. The bearings if they get a chance to make it to a magnatized somwthing would have eaten out the crank first.
A magnatized bung works great on a tranny because the complet rotational assembly is metal and the gears do chip off.