Well, "might" is the key word here. I have seen one of those in use as a welding ground. And, they hugely problematic. If you ever watch someone strike an arc using one of those, there is a huge burst of sparks from beneath it. What does that mean? Well, it means the electrical connection is very "capacitive" and the arc shows it is burning through oils, dirt, what ever to make a contact. And, in some instances, you see this almost at every arc. So, unless the metal you plan to use as an antenna has a very clean spot, and the magnet contact is very clean, and very firmly attached, it will probably act like an antenna with a broken coax.
Most welders have words they say about magnetic contacts, and since I don't use them, I won't repeat them here...
