Srinath-
Like RobertR, I would be *very* interested in your progress if you achieved a working upgrade/redesign for these ribbons.
FWIW, I've spent a few months now researching DIY ribbon drivers. IMO it would be false economy to replace/upgrade magnets in an existing ribbon driver instead of starting from scratch. And you'd be saddled with multiple serious unknowns that driver/speaker manufacturers have the experience and tools to identify and deal with. I think DIY drivers, or even speakers from existing drivers, can be fun and highly educational. I don't think that generally they'll save you money or produce better results than finished commercial designs, unless you're really good or lucky. Subwoofers or limited-range surrounds excepted... full-range speakers are a nightmare!
There's also the issue of originality. Replacing speakers, drivers (or critical parts like magnets or ribbons) with different types is going to have more sonic consequences than just about anything else you could do to your system. Better or worse, the sound will almost certainly be significantly *different*. If that's the goal or is merely acceptable, fine. But I for one would require an awful lot of test data from a reputable third party before I believed that a serious design/construction change improved reliability *and* was at least neutral to the sound. I'm not saying it's impossible, but hats off to you, sir, if you can pull it off!