I have a harbor freight 2-in-1 pickup tool that has saved my bacon numerous times. I paid a couple dollars for it years ago and is one of those cheap Chinese tools that's actually worthwhile. It has a flexible body/shaft to it with a button on one end, and retracting "claws" on the other end with small magnets on either side of the "claws." When I was working on my F150 I dropped a throttle body/intake bolt down underneath the intake manifold between the cylinder heads and was able to fish it out with this tool fairly quickly (blindly too might I add). I have had numerous other instances like that one so if you can find something like this I would recommend it.
http://www.harborfreight.com/24-inch...ool-94162.html