As others have suggested a rare earth magnet from an old hard drive would be a good start. You can buy the magnets in all shapes and sizes on eBay - you'll find a million uses for them so do NOT worry about getting too many. They're great for hanging full size calenders on refrigerators.
I don't think you'll have too much of a problem with the light. The LED would work, but you could probably do without it. I'm assuming that the orientation of the pliers for extraction through the small aperture is your concern, and not locating the pliers. Locating the pliers should be easy with a magner, barring other movable iron-based objects of the same weight that aren't attached inside the hole.
Having two of the magnets on separate wires should take care of the orientation. Pull up the pliers as far as you can, then insert the other wire as far to the side as the opening allows and then pull off the first magnet. Repeat as necessary. That will walk the magnetic attachment point to one end of the pliers so you can lift them through the hole. If you can't pull it out, you may have grabbed the wrong end, so just walk it back to the other end.
R