Stars already have a very strong magnetic field, metal content won't help on that front as they are made up from plasma rather than solid matter anyway.
The average strength of the magnetic field of the sun is around twice that of earth, however at certain points it can be as much as 8000 times as strong and it actually extends out as far as Pluto!
For the magnetic field between the planets, you can expect it to stabilize so that the two are attracting each other, in other words the magnetic north of one planet will be near the magnetic south of the other.
They will then act as an attractive force and effectively make gravity stronger between the two worlds, this means they will orbit faster and closer together than gravity alone would allow.
The magnetic and rotational north poles may not be at the same location, but it is likely that they would be in this case as that is the only way that the forces would all balance out smoothly. In other words both worlds would rotate around the same central axis, the magnetic and rotational poles would be aligned and the magnetic north and south poles would also be facing in the same direction. The worlds would be orbiting each other faster than normally expected due to gravity alone.