Something magnetic around oil pump?

[guyryan100]

Hi,
I've dropped a tool down the distributor hole, I've learned I'm not the first person ever to make this mistake! Using a scope camera and a lot of patience I can see it down there (it's a hex bit on a hex extender socket, about 3" long in total), see picture below.

Two questions -

1.Should there be something magnetic down there around the oil pump? My scope camera is getting magnetically pulled toward something. I didn't think the bit I dropped was magnetic. I'm trying to determine if I have any shot of retrieving this with a telescoping magnetic retrieval tool.

2. From the photo below taken by my scope camera, any idea where this is around the oil pump and whether my taking off the intake would make it any easier to get to? I think this is at least 10 inches down.