Magging a Shimano Speedmaster

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So I've acquired a nearly new Shimano Speedmaster TSMIV from a garage sale and after taking a look at the reel, it seems like a good project to try my hand at magging. I know this is meant primarily as a boat/trolling reel, but it is built very solidly and it seems like it would cast well with the proper amount of braking. Has anyone had any experience adding brakes to this reel? I was looking into getting some rare-earth magnets, but wasn't sure how big, how many, etc.

Thoughts?

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Yeesh, it's hard to think with all the crickets chirping in here...

[Lafayette_River]

got one but i just use it on a live bait rod to use on the piers, cast ok but heavy when filled with line, also the one i have isn't made any more it has the fightin' star
http://pierandsurf.com/photopost/data/500/Picture_003.jpg