Sorry for bumping...just my two cents...
I've used both the magnetic paint and the chalkboard paint. Here are my comments:
magnetic paint - I used the stuff you can buy premixed at Michaels like this besttoolexpert.com/chalkboard-paint/ I was painting over a sheet of luan board (1/4" smooth plywood). After 3 coats, it is magnetic - but it's not the strong hold that you'd expect. It can hold up magnetic letters - but wouldn't hold up a piece of paper underneath. I suppose with a few more coats it might be better --- but it's hard to tell. It's a bit hard to paint as it's got suspended magnetic particles, they sink to the bottom, so you need to shake or stir freqently to get a good magnetic hold.
chalkboard paint - this can be applied over the magnetic paint (which is considered a primer - so can be used under any color). Much easier to apply and use. The finish is going to depend in large part on your surface underneath. Used this both over the above board and also on a piece of sheet metal and both worked pretty well.
If you're looking for a strong magnetic hold, I'd recommend buying sheet metal and attaching to the wall. You can then paint with chalkboard paint. If you don't need the magnetic wall to be very strong (for example, the leap frog fridge sets won't hold) - you can go with the paint.
You can also make your own chalkboard paint by mixing non-sanded tile grout in with the paint. We did this inside my kids' playhouse. You can mix it with any color you want. I guess the drawback is, you'd be brushing it on, instead of spraying it.
My wife found this on Martha Stewart .com:
Start with flat-finish latex paint in any shade.
- Pour 1 cup of paint into a container. Add 2 tablespoons of unsanded tile grout. Mix with a paint stirrer, carefully breaking up clumps.
- Apply paint with a roller or a sponge paintbrush to a primed or painted surface. Work in small sections, going over the same spot several times to ensure full, even coverage. Let dry.
- Smooth area with 150-grit sandpaper, and wipe off dust.
- To condition: Rub the side of a piece of chalk over entire surface. Wipe away residue with a barely damp sponge.