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Each to their own, my good friend is a two time Supercharged Promod champ and speed shop owner. The engines he builds go into everything from street rods, circle track racers, up to fuel dragsters and can cost as much as $150K each. All his cast iron blocks and heads are sealed inside before machining even starts.
Magnet is a good idea, I use magnetic oil drain plugs myself, but a strong alinco disc magnet stuck to the outside of the oil filter cartridge housing works too just don't forget and throw it away with the old filter.
I saw the magnetic drain plug and I didnt like that. I desided to use the one that sticks to the oil filter. It allows me to cut the filter open and see exactly how much metal shavings are in there.
There is a place that also sell a inline radiator filter. It has a brass mesh screen and it filters the coolant. I thought of getting that but you have to splice into your upper radiator hose and that would negate the oem stock look I prefer to go with. But I drain my radiators every 4th or 5th oil change so I shouldnt have a problem with the radiator getting clogged up or debris in the coolant system.
Oh yea another good thing is that zinc anode bar that is attached to a chain that you drop into your radiator filler neck. The corrosion attacks the zinc over attacking other parts of your cooling system.