In the past I made a complicated (not that complicated) sliding bar mount that bolted directly to my mid size lathe. On it I had an dial indicator with a 2 inch range. It actually worked very well when I was using it, and with the sliding bar I had 6 inches of working range (not all at once). It was on my small lathe. The 8.5 x 18. Not the mini lathe. I never progressed to that level of machining with the mini lathe. The big (for me) 14x40 came with a 2 axis DRO. Its works well enough and now I struggle to do manual machining without one. So much so that hen I ordered a new knee mill for the shop I made sure to get one with a DRO. I use all the time except for work stopped repetitive operations like drilling hinge pins in a bunch of hinged molds.
Anyway, I have found a way to eliminate the primary operation I did on the small lathe (radiusing alignment pins) and I am thinking a magnetic back indicator might be useful. Well, for that machine and the old turret lathe I picked up a few weeks ago. If for no other reason than to help set the stops.
I can certainly make a magnetic back. I have a small inventory of rare earth magnets I use for one particular type of mold I make. My concern is this. Wouldn't a magnetic field in close proximity to the clockwork for an extended period have the potential to magnetize the some parts of the clockwork? I figure this has to have been answered by now given how long dial indicators and magnets have been around. If so would simply making an extra thick aluminum back of say an inch move the magnets far enough away as to no longer be an issue?