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The field from the eddy current itself (effectively a current loop within the metal) falls off as the cube of the distance (assuming you're on axis - let's be generous. Reference). As the field inducing the eddy current will be coming from a permanent magnet with a (roughly) bar-like geometry it will also have a cubic dependence (reference), so you get a 1/r^6 dependence.
I believe the technical term for that is 'brutal'.
hamrack
Hmm, cool design concept but you are just replacing friction for electromagnetic drag
I also wonder how sensitive it is to distance from the rim - I suspect its going to be a square or cube law, someone who did decent level physics will know