The magnets are on the right side and the buttons are on the left and bottom, so if you just didn't make it cover them you'd be golden.
But, you'd probably want to use just steel plates rather than putting magnets into the front-light, as there seems like there may be some inconsistency as to the orientation the magnets are installed with ... I guess the light's magnets could be flippable ....
Anyway, I think that LightWedge's patents are broad enough that they might preclude anyone
other than them doing such a thing commercially.