Hi, I'd guess it's hypothetically feasible, but probably not worth the effort.
There is a risk, I would guess, of forming some sulfide in the fixer, in which case you wouldn't want to use it anymore. Now, I'm doubtful that the Silver Magnet will produce sulfide provided that the silver concentration is above, say, 1 or 2 grams per liter, but this is just an educated guess. You would ideally know what the silver concentration is, via test paper or the like, and then determine how long to run the Magnet to get to a specific concentration. If you don't do it like this I think it's a risky thing to do because of possible sulfide formation.
A second thing is that most of the modern films will release iodide into the fixer, and this drastically slows down the rate of fixing with a thiosulfate fixer. So even if you could remove nearly all of the silver, the fixer might still have difficulty fixing. I was involved in an attempt to do something similar with C-41 fixer; we didn't try in-line desilvering, though. We collected overflow, then desilvered and "regenerated" the fixer, but in testing we concluded that the iodide issue made it not sensible. I want to be clear that I am talking about FILM, and not paper. For many years it was standard procedure in large labs to desilver bleach-fix (used for color paper) then regenerate it for reuse. So this is sort of evidence that it's doable for paper.
I really think, that for a small user, the extra work to desilver inline, even for paper, is not worth doing. At least not worth it financially - doing it just for fun is a different story. Best of luck with things.