I had that problem, the retainer wouldn't hold the shaft in the block because it was poorly made and the shaft was stuck rather well in the end of the distributor. So after one dropped shaft and a couple of 'Oh @#$%&!' moments and the resulting hacks to get the shaft out successfully I found a different shaft. Milodon makes a fat shaft that will not pass through the hole in the block when pulling the distributor. No help to you at this point in time, sorry. But the stamped keeper is a failure point. The fat shaft is not. As far as magnets, I tried to move a shaft around in the rear sump pan with a number of big magnets after I had the engine out and the pan in hand. Did not budge. Your results may vary.