I agree I think one ounce of oak chips would fit.

I would not think so. I would recommend a mesh bag.

This device is not magnetic.

Magnet does not stick to this.. You could put a small magnet in it with the hopps or a piece of steel. Mine sticks to the outside of the cooler with a magnet inside. TAP

Theoretically no magnet should be able to stick to decent quality stainless steel. However lower quality stainless of lesser grades often will be able to attract a magnet. I have not tried with these particular baskets but I suspect it would not work very well if at all.

It should being steel. I used some fishing line to help keep it suspended.

No it won't. The chain and hook only have a slight magnetic attraction. Not enough attraction to support any weight.

Nope.

304 stainless is supposed to be magnetic but I worry that the hook and chain may not be hold through the fermenter plastic. No harm in trying.

The metal is demagnetized. You could use a piece of sewing thread or two up through the hole for your airlock. The rubber part of the airlock will seal the around the thread.

I do this through my SS Fermenter a magnet will NOT stick to the chain itself but it was easy to attach a washer to the chain that a magnet would connect to. The magnet to washer combo has worked out so far for me.

Just tested it sticks to the outer ring but not to the mesh or chain probably won't work for your purposes