Using mobile device to simulate Touch Controllers

I was thinking of doing this as I need the controllers now rather than waiting for them from Vive/Oculus/SixSense/etc. I'd use sensor fusion of the accelerometer/Gyroscope/Magnetometer, though there have been reports that the magnetometer is a bit unreliable. One idea I had was putting an electromagnet nearby (you can get them cheap) to keep the magnetometer stable. Anyone have any experience with this?

Obviously this wouldn't be as accurate as Touch Controllers, but for development purpose I think it would be OK.