No, you cannot temporarily switch of the flux level by a wrapped around coil.
But you will damage the magnet if the induced dynamic field strength is to high in reverse.

This question have been up several times.
http://www.overunity.com/index.php/topic,2751.msg56551.html#msg56551

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The force field in a magnet is static even if the magnet is moving, That has got to do with the source of the force.
The source of the force field in a magnet is the magnet itself, due to the molecular alignment. Hence the description "static".
In an electromagnet, the force is "dynamic" because there is a flow of current. It's the Amperes that demagnetise the magnet.
And to demagnetise it, the whole magnet must be inside the force field of the electromagnet. In a rotating motor only the poles/tips
are exposed, hence degradation is not present. There is always some shape degradation (natural loss of power) but that is irrelevant.
For Neo magnets its around 5-10% in 100 years. That's all.
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I'd like to add that it will take a super conducting coil to damage a NdFeb magnet. An ordinary coil is to weak.
NdFeb magnets is extremely resistant against demagnetization.

I'd like to add that it will take a super conducting coil to damage a NdFeb magnet. An ordinary coil is to weak.
NdFeb magnets is extremely resistant against demagnetization.

Yes and no.
Neodymium magnets are known to be internally conductive as well as relatively brittle.
When exposed to other strong magnetic fields and moved through them, depending on the
overall field strength and shape of course, Eddies can be created inside the Neodymium material,
which can very well disrupt the material structure locally and cause the magnet to demagnetise
in that specific location. This can weaken the material structure and cause it to become relatively
more brittle, and some accounts of Nd atoms coming off as a "vapour"/"gas" have even been spotted.
This does not necessarily go for all Nd-containing magnets, and only in specific circumstances
(foucault-type homopolar experiments for example).

Another factoid is that the new "supermagnets" are not as permanent as the "old" ferrite magnets.
Where the older but weaker magnet types can retain their magnetism really almost permanently,
the newer alloy supermagnet types are stronger but less structurally stable, often slightly internally
conductive, and because of this not truly permanent. Just really long period magnets.

Thank you for the replies.  My idea is not to "shut down" a NIB magnet but to disrupt it at one end somehow... electrically induced temporary shielding. 
I've read that wrapping a coil around a magnet and aligning the polar arrangement of the magnetism will increase the strength of the magnetism overall.  It stands to reason that any magnetic flux in the opposite direction should decrease the overall strength, shouldn't it?  Or at least change the flux patterns to reduce it's strength with respect to the geometric arrangement of the permanent magnets.

Magnetic material degradation is definitely a cause for concern.  If the permanent magnets don't hold up, this idea won't fly.

Does anyone have any good online resources to look into regarding this concept?

Thanks again!

~Golden Mean

....
I've read that wrapping a coil around a magnet and aligning the polar arrangement of the magnetism will increase the strength of the magnetism overall.  It stands to reason that any magnetic flux in the opposite direction should decrease the overall strength, shouldn't it?  Or at least change the flux patterns to reduce it's strength with respect to the geometric arrangement of the permanent magnets.
....

Hi,

I think Jack's magnetic valve principle covers your idea pretty well, the difference maybe is that he first wraps a ferromagnetic material around a permanent magnet and then winds the coil around this "jacket".  See this link:
http://peswiki.com/index.php/Director:Hilden-Brand_Electromagnet_Motor  with his drawings on the concept.
Jack is also a member here and has got a separate thread on his motors with the valves.

rgds,  Gyula