Thanks Dover, Ketchup and Richard for addressing my concerns.
Well, I must admit I was somewhat skeptical about magnetic damping, but I am now convinced of the benefits. Some preliminary observations:
So far, I have used a single refrigerator magnet that conveniently detached itself from the back of a cooking timer. I glued this inch-squared flat magnet to a small block of glued layers of cork about the same size as the magnet. I situated it on the wand side of then arm pillar; frankly, only because I still have the damping trough attached to the pillar (with paddle disengaged). I plan on trying it on the other side, as well as trying other, more powerful magnets. The magnet is as close as possible to the spindle without touching it.
I listened to the same musical selections several times, with and without the magnet. The results are relatively subtle but unmistakable. There is a general "cleansing" of the sonic picture; as if a fine mist is removed. Bass definition is improved with an increase in one's ability to hear pitches in the bass; as opposed to simply low frequency energy. The highs gain a bit of refinement and sound slightly less ragged. On "The New Breed" from Donald Fagen's new release Sunken Condos, Walt Weiskopf plays both alto and tenor saxophones. Without the magnet, it is very difficult to hear when he plays alto vs tenor. With the magnet, more of each horn's individual character can be heard. Also, for an LP with otherwise very good sound, the bass, while being powerful and very well extended, has a strange "drummy" quality with less than good definition. The magnetic dampening brings a welcomed slight improvement in pitch definition. Curiously, the soundstage seems slightly smaller with the magnet; perhaps a result of the increase in control and definition. The differences are not earth-shaking by any means, but definitely worthwhile. I have not experienced increased volume; perhaps with the more powerful magnets.
Biggest surprise of all: record surface noise seems reduced. LP surfaces are quieter, and the loudest clicks and pops sound less obtrusive with a more subdued character.
More to follow.