Thanks,
@eclecticsynergy! Yes, I believe it is a magnet (i still really don't know enough about this pup to say whether it's a blade or not) and it does protrude slightly above the center bracket level. If it it turns out it has slugs, they should be underneath that magnet. I guess a way to find out would be to put some steel powder / shavings on the cover and see what pattern they make. But I may be wrong...