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I have experiemented a bit with this stuff, as had a few of my colleagues in the local terrain community.
And sadly, while it "works" its holding power is VERY limited - there is just too little ferrous material depositied in the spray.
It might work, but I would not count on it.
If you want to mount something on the underside, try thin sheet metal sheets, which you can get from most hardware type stores - they are relatively cheap, but not very easy to work with.
(I have made magnetic display boards with it).
Again, the paint *might* work for you, but in all of my experience with it, it has not had enough holding power.
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