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That's a pretty crap warning to be honest, it looks like a promotion for a company/product name OMFG more than anything.

Replace all that with the six words "DO NOT EAT, YOU WILL DIE", and it would be brutally effective

No way, that's not good enough. We can't trust adults to read. The packaging needs vivid color photographs of autopsies for maximum emotional impact.

IF YOU EAT THIS YOU WILL DIE, AND IT WILL HURT THE ENTIRE TIME YOU ARE DYING.

That sort of warning is more effective if it's not mixed in with a joke.

Yeah ditto, but that wasn't regulated afaik until the Zen fight.

Which is great if the potential magnet eater is literate.