I'm trying to design a freely spinning wheel that will "lock" into a few different configurations. I'm planning on placing a rare earth magnet near a certain point on the wheel, and inserting bits of ferrous metal into the wheel so it will stop at those locations.
1) Any thoughts on the general viability of this design, and
2) How can I find ferrous metal bits? I tried searching on hardware sites for pins and small dowels, but they're usually of a fairly nonmagnetic steel alloy. Are there any specific search terms I could use, or types of items that are highly magnetic that I could repurpose?