Thanks all for your input, it is not the big bits that I was thinking about but the fine bits that are floating around in the oil that the magnet would catch.
It is these fine bits of metal that causes a lot of wear in the bushers, bearings and gears, I think!
I think what I will do is make the drain plug a bit bigger 3/8 and magnetise the plug, I know that the magnetism brakes down after a while but it should last long enough to do the job between oil changers and I will just re magnetise the plug again.
The other thing that could be done is glue a magnet to the head of the drain plug so as the magnet is on the out side and if it comes off, on big deal.
Peter