Doc,
The regulator gives a good base for the comparator and reference voltages which diodes wouldn't do. (As battery voltage changed so would the reference.) Also the reg. cost about 24 cents and I buy diodes in the hundred for about 8 cents each now so three would cost about the same as the reg.
I like the comparator over the 458 series op amp but sure use what's in you parts bin. That's how this got built!
I like the dual colored LED, never thought of that.
Amanda, yes you're right.
Also the on/off switch is push button so I imagine the battery will last for years!
It really works neat and I'm walking around here checking every magnet I can find! And that's a lot of magnets!!
Here are a couple of photos. (The 3702 is SMT and under the board)
The 'nose' was machined from aluminum and heat tubing was placed over it after the wires were run. The whole project took about 2 to 3 hours.