I wouldn't in a street engine that isn't torn down regularly. Anthying that could even remotely come adrift inside an engine....usually will.....and is bad news.
Use a much more secure method of catching steel particles as noted. Magnetic drain plug, a magnet stuck to the side of a oil filter, one of those large cup-shaped magnets designed to capture the entire bottom of the oil filter (not cheap!). Besides, if one has a valve train turn into shrapnel it'll take a lot more than a magnet to remove the bigger pieces