If you can get your hands on the high flux neodymium "voice coil" magnet from a junked computer hard drive, you will NOT have to worry about it loosing its magnetism over time or getting caught up in the differential's works. I'm using one of those on my spin-on engine oil filters and the little bugger's good for over 3 lbs. of pull. The other option for one of these super magnets is to just place it at the bottom on the OUTSIDE of the differential cover. It won't be going anywhere without a LOT of physical encouragement, and there'll still be plenty of radiated flux through the differential cover to capture and hold iron wear metals to the inner surface at the magnet's location.