What manner of drill bit are we dealing with here, just a screwdriver type bit I assume? Not that large? By all means give the magnet method a try. If that doesn't work for you & it's just a small bit, I wouldn't sweat it too much. It's steel or iron & shouldn't be all that harmful as it slowly rusts away in your 240. GFO (granulated ferric oxide) commonly used to remove phosphate from out tanks is pretty much rust, sold to us at a premium price. If it had grease or other contaminants on it, that's another story, but it's been in there long enough now that there's little you can do about that short of water changes, fresh carbon etc.
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