Mark,
Yes, you could easily make the "bead holder" depression in the wood. I would make it about 1.5 to 2 inches wide and about 1/4 to 3/8 inches deep. I'd just use a Forstner or spade bit and then round out the bottom.
For the magnet you could certainly use rare earth magnets, but when you use a magnet that is that strong, it tends to magnetize the hooks and any other tools like scissors that get too near it. Hooks that are too magnetized are a real pain in the butt if you store your flies in small compartment fly boxes as they tend to stick together when you try to remove just one. I simply use about 3 inches of the rubberize magnetic strip with the adhesive backing.
The cork strip should be at least half inch thick and maybe three inches long. If you use cork that is too thin, then it will break up if the person tries to hook in any flies that are tied on hooks larger than size 6 or 4. I have some brand new cork rod handles that would work well if you cut/sand them to shape. PM me your address and I'll drop some in the mail to you for free.
Here's a picture of my tying desk. You can see the small tool holder I use which is somewhat similar to the one you made. The white object you see below the vise is what I call a trash trough. It's made from 3 inch PVC pipe sliced in half and attached to Naugahyde fabric that holds it in place under the vise platform. All the clippings etc. go in there and it has been a great help in keeping things clean. It also acts as a great "backstop" for things I drop while tying (i.e. hooks, beads etc.) which prevents them from getting all the way to the floor.
Jim Smith
