> > What is the downside to having a wood chisel magnetized?
> The downside to having any tool magnetized is that they will attract and
hold chips and grindings of any ferromagnetic material.

Theoretically perhaps, but I've noted that the good Mary May keeps her
gouges on magnetic strips on her shop wall.  Maybe it's not an issue that
close to the equator, where the velocity due to the earth's rotation is
larger, making the magnetic domains dizzy and disoriented.

Just a guess.

cur - enjoying the day, having spent some time packing and addressing a
package to be sent to that part of the world.