I made a similar rack, but yours looks nicer. Home depot sells large sheets of the overhead lighting diffuser sheets in the egg crate style (like $12 for more than you'll ever need). I super glued standard mag float magnets to the rack and its pretty sturdy. I used a good amount of the gel super glue and allowed it to cure for a day.
I made several frag racks ( long time ago) for a guy that had to hold up through 3/4".
I think I used 1" x 1/2" neodymium magnets inside and out.
He said he could hardly move the magnets when the frag rack was attached to the tank.
So that size may work, but I might bump the outside up to 1-1/2" x 1/2" neodymium magnets.
There are still several site to get neodymium magnets.
They are a little more expensive these days.
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