I used one of these https://www.mcmaster.com/3506K34 , cut the clip off of the probe wire, soldered the wire to the magnet and used heat shrink to cover/protect the wire and a portion of the magnet.
I’ve done this for over a year now with no issues. I don’t use anything other than the magnetism of the rare earth magnet to the collet and to the alligator clip. I’m sure it would be even stronger without the hole in the middle of the magnet, but that’s what I had on hand and it’s very strong.
a flat head M3 machine screw, an M3 nut, and a ring crimp connector with a 3mm hole.
Cut the alligator clip off. Strip back the insulator on the wire. Crimp on the ring crimp connector. Put the machine screw through the magnet and through the ring crimp connector. Screw the nut onto the screw and you are done.
Use of a rare earth magnet in a cup bolted to the alligator clip. Blue heat shrink acts as a flag that reminds me I have the probe grounded to the collet.
@gdon_2003 Your initial solution is the best IMHO, except don’t ruin your electrical connection to the system with glue. Glue can be an insulator.
Most neodymium magnets available from eBay or elsewhere are plated so they won’t rust. You won’t have any trouble soldering a wire to it.
I used a short section of the original very flexible wire to solder a “pigtail” onto the magnet, because the Shapeoko and my electronics workbench are in separate rooms.
Then I simply spliced it back together and insulated the connection at the machine. Haven’t had any trouble with connections or broken wires in over a year.
I’ve got both a v1 and a v2, but an issue I’m having with the v2 might tempt me to convert the v1 to a magnetic contact and use that instead.
The only other improvement I would consider is to cable tie the two leads together and find an earthing point on the control board, essentially a single cable like the v2.