You'll definitely want to epoxy coat the magnets. If you're planning on surrounding the inner magnet, with a frag disc material, such as a concrete/aragonite mix, I'd still epoxy coat the magnets first. You could easily create frag discs, with the magnets inside of them. Use a restaurant portion cup for a mold. Mix up your concrete, aragonite mix, pour a small amount into the portion cup, place the magnet in the center of the pour and then pour in enough of the mix, to cover the magnet. Keep in mind, if you go this route, the magnetic disc will need to be cured, in fresh water, before adding to your aquarium. A lot of people, who make their own frag plugs, put them in a mesh bag and hang them in the back of the toilet. This way, every time you flush, the curing plugs get a complete water change.