That sort of "tuned" fast clanging sound you could generate with a 50-cent surplus pager vibrator motor and a little piece of brass (like a tiny bell or a piece of a finger-cymbal).
Heh, it's a little more complicated a sound than that, and besides, such a solution would be prone to breaking.
Of course, you realize that the props used in the movie didn't actually generate any sounds. They were added by Foley artists and sound designers and mixers and had nothing to do with the little hand props.
Yes, I know the real prop didn't make sounds, but this is a prop for people to use on halloween and at conventions, and it wouldn't be as fun if the sound effects were added in post. 
Have you actually (re)created the sound yet? If so, then post the WAV file. If not, then how do you know what it will take to play it back?
No, I haven't recreated it yet. It's not exactly trivial to do!
But I have isolated the original effect and cleaned a short segment of it up:
http://ectoprops.com/gbfans/pke1.mp3
http://ectoprops.com/gbfans/pke2.mp3
Slowed down, as I mentioned before, those sound suspiciously like frogs and crickets, and not at all like something computer generated. Which means I have my work cut out for me trying to generate it from scratch. But if I just try to play that loop there, it doesn't sound right at different speeds, and being able to adjust the speed is something the user needs to be able to do with the prop.
So, I kinda don't really know what I'm gonna do with the sound effect yet. But I do know that if I don't include a dac, then my options would be extreemely limited, and I worked within those constraints when I made the sounds for one of my other meters:
That sound there is just two or three tones played repeatedly, and the startup sound isn't much different. For that I was trying to replicate this:
It's not bad, but I couldn't really get the zing of the startup sound with only square waves to work with. And I don't think I can get the pleasant tone of the movie meter with square waves either. Using a dac would give me a lot more options in that regard.