YES! They do make magnetic paint and it does work. I have some in my kitchen, though not under chalkboard paint. But my DH, who works with paint in his business, says the magnetic paint will work under any paint, including chalkboard.
We went with white board in our school room (aka dining room) b/c DH had a piece of scrap white board wallpaper. (Yes, they make this in rolls to cover entire walls!). So, it was free. DH just pasted it on, and then made a nice wooden frame around it. While it isn’t as classic as a chalkboard, it is a lot less dusty which works for me. I just couldn’t handle all of the chalk dust, though I believe they make chalks that are supposed to be less dusty.
I have to keep my white board clean (it is not clean at the moment!) or it will get to where the eraser doesn’t work well anymore. I also use only Expo pens and erasers as I’ve found the cheaper pens will tend to get stuck on it. I have some write-erase crayons but we don’t use those on our board, only on the small hand-held boards, which btw you can get magnetic this time of year (target, office supply, etc.).