I'm generally hard to scare, but why not talk it over with a couple of engineers? Either they're going to tell you "it's not going to work b/c that's what we've been told in school" and you'll sleep better, or you're going to be very rich and you'll also sleep better.

I don't need to talk to anyone to sleep just fine, because Elon Musk, Exxon, the CCP and the US Department of Defense aren't idiots and would have bought up all of the rare earth magnets already if this was anything but obvious crank.