If that is standard electrical heatshrink, I doubt if it will be robust enough to withstand the +/- 100 deg C oil temperature for very long. You will find it may go brittle & fatigue with extended high temps - at least it does on electrical joints that suffer a high resistance fault.
Personally I would have used S/S hose clamps to secure the magnets.
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2001 Boxster S (triple black). Sleeping easier with LN Engineering/Flat 6 IMS upgrade, low temp thermostat & underspeed pulley.
2001 MV Agusta F4.
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