It can be a little bit of a pain to hold a straight razor steady when sanding rust off of it. I saw one of these tools on SRP and decided I needed to make one. A member of that forum actually sent me the magnets needed. All that is needed is strong magnets, a block of wood, a piece of wood for a backstop, and some epoxy. The magnets are just shy of 3/4 inch in diameter, so the first step was to grab a 3/4 Forster bit and drill the holes just deeper than the thickness of the magnet. I figured the location of the center of the magnets by laying blades up against the edge and marking the wood. I mixed some epoxy and glued the magnets in. I put epoxy over the magnets as well. After the epoxy dried, I sanded it smooth so there would be a flat surface for the blade. The final step was to cut a piece of thin stock and attach it to the back of the block as a blade stop. At this point I could have been finished, but I had some thin rubber sheeting that I cover the block with. I used a light adhesive that will be easy to remove if I decide I don't like the rubber. Now all I have to do is put the razor against the back stop and allow the magnets to hold it steady. I now have both hands available for sanding without one constantly having to hold the blade steady. This is going to be a big help. Thanks for looking.
I highly recommend these type of 'magnet plank blade holders' as I know I've saved my fingers countless times from exposed SR edges while sanding. Made of shop scrap wood, mine is looking a bit worn, but holds practically any sized blade securely. Small & lightweight enough to hold comfortably in one hand, if necessary. Raised lip protects the fingers from the exposed edge... I added a piece of rubber padding to the bottom in order to prevent the plank from sliding about... I found this little item to be invaluable over the years. And yes, I 'borrowed' the idea from another longtime forum member.