I tried it today. However, I need to say I replaced a material because I couldn't find it. The material I replaced is Zinc. Instead of just Zinc, all I could find was Zinc-coated washers. That's just a very small coating on a steel washer. So, my replica is most likely missing a major component. Still, I had some results.
I couldn't get an LED or anything to light with my modified version, but the Voltage kept banging up quickly to
2V then my multi-meter overloaded. Again and again. I've had reactions of up to 0.7 volts between two metals, but it sort of crept up to that. On other things, I've had reactions that did what this did (except slower) up to around 0.4 volts - basically creep up then OL my meter and start again.
This was banging out 2V every second or so then OL my multi-meter. Again, understand I couldn't find Zinc, all I could find was Zinc-Coated steel. Obviously I need the Zinc if I want to do a proper test. It's also possible the paper I used was too thin ( I made sure there were no shorts by increasing slightly the paper insulator's diameter so that it stuck out between each grouping).
Video that I found inspiring was part of a much longer unrelated video, so I snipped it out and re-uploaded it here:
Magnet Energy
Edit: I found comments on the video uploaded elsewhere to wet the paper. Ok. That actually worked. It now stays steady at 1.74 or so Volts. Probably do better with Zinc...but it proves to me the video is real! If you put one together, make sure not to short between the magnet/copper side and the Zinc side (in other words, make sure your insulator (paper here) does not allow them to touch!).
Edit 2: The LED lit! It was very dim @ 1.74 volts, but it did light!