Quote Originally Posted by Irelands child
About the only time a magnet MIGHT be useful is right after a full rebuild with a bore job or possible a hone to pick up some very small particles left after a full wash out with detergent. But that's why you have a (hopefully) 5 micron oil filter (.000197/in) to pick out all that suspended crud. If it's smaller then that, it isn't going to hurt much.

You DID wash it out with detergent, and you did clean and wire brush all of the oil passages didn't you?
When the timing gears turned to dust the oil became permeated with carbide type particles. Starting it would be mechanical suicide. A tear down is in the works. Complete rebuild and detergent wash in progress as suggested. Thanks to everyone who replied.