I changed the oil/filters on the LBCs today.
There was this "thing" that kept sliding around on the
outside of the oil filter on the BE. I couldn't get a good grip
to remove the filter. I gripped the edge of the slider
thing and it popped off. Filter magnet. New to me but I
figure it can't hurt and put it on the new filter.
On to the pan drain. Magnetic plug. There was some itty bits
of I'd guess were metal attached the magnetic tip. Not much.
Should I be concerned? The motor has about a 1000 miles on the build. Runs fine, 40lbs psi at warm idle and 60 psi at speed
and on cold start. Hasn't used any oil in the 500 or so miles
I've put on the engine. Doesn't smoke etc. Oil looked clean.
I've never used a magnetic drain plug before. Is this type
of sludge normal. I squished it between my fingers and couldn't feel any metal. Just a sort of sludge with no shiny bits etc.

If there wasn't very much, you are OK! The nice thing about the filter magnets and magnetic plugs is that when there are some filings in there, they will get trapped, no longer floating around and potentially causing additional damage!

The last time I took out my diffy drain plug, we epoxied something like a D-82 from K & J Magnetics (http://www.kjmagnetics.com/products.asp?cat=10) onto the plug. I've been thinking about it for the oil drain as well. One couldn't do any harm and it may actually be of help

"Mud".

Keep changin' oil at regular intervals and IGNORE th' swarf.

...go talk to Hap. He'll put yer mind at ease.

Yes, seems to me that this is what filters are for. And, if the filter doesn't work, and you get metal particles in the bearings, you'll know about it pretty soon. And a drain-plug magnet won't prevent that from happening, because it won't catch everything. The oil filter does.

By the way, when you attach a magnet to the outside of a closed steel surface, there is virtually no magnetic field on the inside. So, those oil-filter magnets won't do anything. At least the drain plug magnet will catch something, although the filter would catch it anyway.

Steve's right, of course. That outside magnet is akin to ummm... copper bracelets to prevent arthritis...

Consider it somethin' picked up on th' road. Keep it as a memento on a steel artifact in th' garage.

I wondered about the filter magnet gizmo. I just can't see it doing anything. It's all purdy and such. Shiny black on the outside with a chrome plate announcing Filter Magnet. On the
side facing the filter are something like dozen or so small magnets. I think I'll do a little test to see if the thing can attract metal through metal. I can't see it doing harm but I can't see it helping matters either. The magnet on the drain did grab some goop so it'll stay. The Magic Filter Magnet Gizmo
goes on the wall. Perhaps it will attract something there, like
attention or conversation.

Yup!! My point, prezactly.

A "Garden Weasel" would be another thing to hang there.

That Gizmo would violate a rule of the Buggy Barn.
No lawn and garden or anything not associated with autos
goes inside.

Okay-okay... then hammer a 1098 pushrod thru one o' them whizz-bang throttle body "turbo" mileage thingies for a trophy.

There was always some crud on the magnetic drain plugs in my bikes, it's normal wear and tear. Wipe it off and forget it.