At $50 this approaches laughable!! It's in the same group as the TB Air Foil. The purpose of the oil filter is to trap particles in the filtering media so they won't keep running thru the oil passages and ruin bearing surfaces. There is very little room between the walls of the filter can and the media. Using a magnet on the wall of the can will cause material to stack up there and block oil flow into that area of the media.
Get a magnetic filler plug if you don't already have one. Availalbe at your dealer for just a few bucks. That will do the same thing except it keeps metal particles in the bottom of the pan where they belong so draining oil will flush them out.
If you really want a magnet on the side of the filter, go to a hobby shop and get a magnet, slap it on the filter and wrap a couple layers of duct tape over it. Does the same thing as the $50 wallet-emptyier!!!