That all depends on how the Magnet is implemented. Something like Iron + Seed for an item in your hotbar and you might as well just use NEI. But if its a potion or enchantment than that's different. The range also matters. A lot of times I'd be happy for just an extra 1/2 block range.Isn't that what utility mode is for? Recipe mode is "I want no interference in gameplay whatsoever", cheat mode is "I want to cheat" (duh), and utility mode is "I want only non-cheating features".
Adding a mod is at least as cheaty as turning on utility mode, anyway.