As the googling progresses the doubts have started to build up. The questions and solutions thought as logged below.

• How will the components withstand the vibrations ?

The components should be supported properly, encased so that it does not come out of the holding of the magnet.

• Will the magnets affect the working of the motors, electronics?

Maybe, but instead of reading piles of papers or articles lets build it and see.

• What magnet to use?

There is an option to go with ferrous or neodymium. So we got both types of magnets and compared their working, neodymium was the winner.

• Which shape of neodymium to buy?

There are plenty of options in each shape, we decided to buy some cylindrical ones, some rectangular and figure it out as we are building it.