This would be the type of ribbon they use in chemistry lessons. I'm not sure how that would go, because the magnesium used in the tinder blocks is an alloy designed to burn longer but with the same heat. this makes it less explosive than straight magnesium.
I dont think the magnesium ribbon would work as well unless you slowed its burn time down.
It would be interesting to get some ribbon and try pouring wax (or similar) around it so you could have a magnesium wicked candle to try.