Hey Bud, I too have the Wicked Edge system, and Beast is correct that a lot of metal filings are generated, especially when re-profiling the cutting edge for the first time. If the blade is magnetized, then there would be filings adhering to it. However, the nice thing about the wicked edge is that when you re-sharpen, you apply the exact settings to sharpen the knife. Much less material is removed for all subsequent sharpening. The WE system as the primary tool comes with diamond stones. They also have water stone options where this problem would be minimized, even if the blade were magnetized from your sheath.
I always carry a neck knife on me, but I find that I use it very little. This is because I normally have at least two other knives on me when I am fully clothed. The most my neck knife sees is an occasional apple or peach when I am lounging around in pajamas. Hence, this is really more of a theoretical problem than a practical one for me. My neck knife stays sharp for a very long time, and when I do re-sharpen it, I use water stones freehand. I did use the WE water stones for the initial profile though.
I guess if I had to decide between a scratched blade and a few sticky metal filings on my Runt, I would choose the filings. Nice idea, and I think it has a place here. Any thoughts regarding trying other FB small blades besides the Runt in the neck knife sheath?