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I don't know how easy it is to get off, but maybe one of the plastic roof rack mount point covers would be a good place to hide it. Not secure, but who would look for it there? If you wanted to do some drilling, I'm sure you could find a good place for one of these key safes.
 

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The Element comes with the Immobilizer system, which is a passive theft deterent system. (Stick the key in, the car asks the chip in the key the password, chip sends the password, car starts up) Although I can't say for absolutely sure, the chip is probably just a solid state doohickey that shouldn't be succeptable to magnets at all.
 
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