Mike, I don't know for sure, but I would keep magnets away from flaps and especially the pickup if that's iron which I assume. What if the magnet got sucked up and sat on the screen? And JB Weld, though having never used it, I wouldn't put any type of glue in my oil pan, if that comes loose and is sucked into the pump.
Maybe place magnet in a corner and weld an iron "belt" across it.
If anybody knows better, let us know, just my $0.02
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