This idea had one potential problem - wood to wood contact. Bob Macgregor, in the WoodCentral Turning Forum suggested the following idea to get around that potential problem. This solution is self centering. Thanks Bob.
Here's what I'm in the process of trying as a Proof Of Concept piece. I've turned the two conical section parts and the first 16 magnets have their "north" poles red fingernail polish "end identifiers" drying. (A bi-focaled bald guy with a gray beard and mistache raises some eyebrows at the cash register when purchasing a small bottle of red fingernail polish. Add a vison cap with what looks like a skunk hair insert and the looks get even funnier ; ) Pursueing Wild Hare Ideas is fun! )
Here's ANOTHER idea for using magnets - this time a lidded box.