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I've always just picked up one of them handy dandy gearlube pumps for about $20 at the parts store... stick the hose in there, pump out the old. Then you've got the handy dandy pump to put the new in, and it'll get fluid in your transmission as well...
Sticking a magnet in there... yea, it would work, but its more likely to stick to the housing and or gears. If you were to try that, you'd want it securely attached to whatever probe you use... would want it to get stuck (and stay stuck) on gears.
Also, you mention its a 123gt... may well have a limited slip diff. If it does, get soem of the limited slip additive... don't know if it helps, but it sure can't hurt...
-Matt
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-Matt '70 145s, '65 1800s, '66 122s wagon, others inc. '53 XK120 FHC
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