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In terms of the threads....... what was once good enough still is so standard metric threads are fine but need to be threded longer than tripple starts also the "o" ring concept has been done and appears to work just trail and error to get the right sizes. Also there are now some magnetic cap kits on sale so you could use that approach. Getting male and female magnets in the form of a ring can be done so for example you could use a plated ring magnet as a center band geting the right size is the problem. I have the addresses of companies that will manufacture to specs but minimum orders apply. you could also try the magnets used in small box closure and jewellery items.