Ah yes, that 25lb horseshoe magnet everyone has floating around their shop?
I'd have to disagree with you on dye-pen. There is a knack to getting good results on dirty material and poor welds, but I can tell you from experience that it will work in worse circumstances than one would find in a Toyota frame. Meanwhile, I doubt most folks have access to a big, beefy permanent magnet. I advocate for dye pen in these situations because it's (relatively) cheap and it's what I use myself... and I DO have access to professional mag yokes, which are much easier to use than a permanent magnet because they STOP being magnets when you stop hitting the button.
As for the possibility of finding sub-surface flaws with mag, this stuff is thin: if it's cracked, it's cracked.