I just had my clutch and side cover off. The oil passage hole might be big enough, but the problem is with the magnet. It will have many opportunities to park itself on a transmission part even if you could somehow get hold of it.
If it hasn't stuck to an internal part already, try getting hold of the magnet with another magnet like a wand type, through the drain hole. See if you can get it oriented down, and then grab the magnet with needlenose pliers and see if you can thread it out backwards down and out. Worth a try.
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