i need your help NOW!
I just had a small pen magnet and slid it in the front and across a few times. I thought for sure I was screwed.
I since learned from my mistake and have pushed paper towels into the pan before taking that bolt out....it's a stupid design....
but i'm gonna try this now. It will probably get stuck to the drain plug sooner or later and I think it is even small enough to come out the plug hole. You might want to think about pouring something in the front of the oil pan and see if you can flush it over to the drain plug side...
I dont know....that situation is a bitch!
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have you ever heard of a bore-scope? its a long fiber-optic cable with a light on the tip (like a doctor uses), and an eye piece with a focus screw on the other end, see if someone has one and you can stick it in the oil level sensor hole and look around. we got one to look around when my dipstick tube broke off in the motor, works pretty good and would work great in your situation.
i'm another advocate of leaving it in there
, save up some money, buy a tubular k-member, and put it in. there are some pro-fab k-members for sale on ebay that arent too much money. i HIGHLY doubt it will come out of the oilpan drain. the hole necks down after the threads and we couldnt even get the bore-scope in mine. and if that bolt is a 10mm like i think it is, forget about it. 
You will need a 18mm socket for the 3 kmember bolts, 2 long and 1 short on each side.
Bet you won't drop a bolt down THERE again will you? Don't feel bad, I dropped my slave cylinder bleeder plug into my bell housing once when I was due to be at the track in 1 hour.
ps. you might have it already but if you dont, get yourself a 10mm ratcheting wrench, they are a MUST-OWN tool for any LS1 guy IMO.


