Im more thinking of a cam that press on a pin and ball in the hole.. cam activated by a samle dual action cylinder using a 2 Position Solenoid Valve ..
Changing long stroke(1-2") for high pressing power on the pin.
Think it can be possible to use the existing hole to fit the cam so you dont need to drill a new hole for mounting.. have to think more on that..
For activating, 3 buttons with LED (XYZ). and relay to cut power to powerfeed on the axis that the lock is on.
Magnets are no go i think,the holding power on sliding is way lower..and swarf