I like the magnetic drain plugs, so I converted all of the drain plugs in my gasoline equipment and cars using 6mm X 20mm neodymium magnets. A pack of 20 from eBay is just a few bucks. Drill a 15/64" hole using a drill press and then some JB weld. The magnets are practically a press fit, so the epoxy is not having to do very much.
I put a few slight divots in the magnet with my grinder just to give the epoxy something to hold onto. Also, one long score on one side (equal to the depth of the hole) to allow the excess epoxy to ooze out as they are inserted using a vise and a wood block to press them in.
Just make sure there are not any whirly parts inside the block that might hit the magnet. None of my installs have had an issue with that and they have been in there for many years now.