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I'm afraid it won't pass, It's a Codex issue which can result in you being banned from the club. Make sure you read the rules and regulations. Even with magnets it's going to have a pull of velocity similar to that of a spring. Any part of your costume that you want to use retractable or ejectable objects must be perfomed physicaly by hand.
its a very good ideal even if its not legal. Heres what you would be best to use for the blade if you ever build one just because. Training knife. training knifes can not hurt anyone. Hard rubber. looks and feels like a knife but is not a knife. I have never seen a con that said they were not con safe. On the movement of the blade. It would be harmless. There is no way for it to hurt anyone if you use a fake item. Even with the blade out, the second it hits anything it would slip back down the tracks. kind of like a Hollywood knife. You stab and the blade gos inside the handle. I know its been voted. But i think it is a good ideal and i can tell you it would be safer than a fixed blade. even one that you lock in by hand. the blade never locks. so there is never anything to hurt any one on. dont trash the ideal. keep it for another build