I also bought my magnet from K&G and I've found it invaluable.
I use it for tapering the tangs... I've even grown some skin back on my knuckels by using the magnet.
I even lay a layer of denim over the magnet to protect the blade from scratches when I have to remove the blade from the magnet (it really holds...). Yes, there is some reduced holding power, but the time it saves in cleaning up the scratches is worth it.
But, when using the magnet, don't get lazy and just lay into the sander (belt or disc), you can really heat up the blade since your hands aren't holding the blade anymore.
One final warning, while "getting lazy" I did lay into the belt and the magnet did let go... What a surprise... The blade flew straight down past the platten and into the housing of my belt sander. The belt tried to drag the blade around the lower wheel and the frame housing, but 1 HP just ain't strong enough to turn the blade into a "crooked knife..."
I am here to testify that "Supergrit's" Ceramic 36 grit "can take a licking and keep on ticking..."
After un-jamming the blade, spending 3 hours strightning it, I went right back to grinding the blade with the same belt, but with just a bit less enthusiam...
The magnets come in two sizes, 5" and 9", I think the 5" is more practable, and it's priced at about $10.00.
Good Luck,
Bruce