you can have the relevant parts remagnatised. but i would strongly recommend against it.
Magnaheasion was great in its day but it also created allot of problems. for instance mine was forever picking up track pins i had missed and ramming them into the motor. i burnt out so many X04 motors because of this.
Also it only works with steel track which virtually no one is making any more.
But i do feel that the sintered iron that was used for the driving wheels was a very good driving wheel material. it was used in the states for many years by athearn (and may still be used but i haven't bought one of their loco's for some time)
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