Sorry didn't realise those pics weren't that good, so I labelled the image now for others
Not if I understand you correctly, North and South will always point at each other on two different magnets. The N/S line in the Lid (Top) is perpendicular to the (geographic/compass) North Arrow I drew in the Lid. The Arrow tells me which side of the axially magnetised broken RE Magnet is north as that side always faces geographic North in the water bath.
Did I explain that ok?
*** rereading your post yes I think you got it right...
