I don't know if this will help you, because I only used the translation & scaling dials to (sorta) fit the hair to V4.2 for quick testing.

AnyHOO, I got magnets to work with this hair; I selected billyhawk hair, created a magnet, and did a quick test. Moving the magnet made the hair definitely change...

My tests mostly involved moving the magnet in extreme ways, just to see if it would work.
I came up with a few funny atrocities -- here's one of 'em (excuse the lack of neck).