I'm downloading the PDF right now, 30 minutes... Kind of what I expected, 555 wired as a VCO, but wonder where you took up the input off the Centech board. The big speaker is going to be a current hog, will drain a 9 volt pretty quick. Didn't take note of which 555 version you were using, but the standard will sink/source 200 mA, probably why it wasn't very loud. A peizo speaker would give louder output at that current, but you need to use on that's got a plastic enclosure, which provides a resonant cavity. I can provide links to some electronics surplus sites I've bought from many times, that have several to choose from, their cheap, dollar or so. Shipping might hurt some though. They can be found in older equipment pretty often. Lots of the newer stuff I've salvaged have the oscillator built in, like the one the came in the Centech. There are little powered speakers, for media players (iPod types), for a couple of dollars, probably have these type in them as well, cheap and available most every where.
Looked at the parts list, and it's the CMOS 555 version, only 100 mA (I think), been a while, pretty much stopped using them when I started playing with microcontrollers. You could probably use a pair of transistors, as a push-pull amplifier, and get more volume, but think a magnetic coil speaker is going to be a big draw on a 9 volt battery.
Looks good, and will be giving it a shot. Might not do it the same way, but close enough. Wish you would have put this up Friday, wouldn't have even been tempted to order the ProPointer. Least I'll be able to compare the two. Would be amusing, if this mod takes the Centech pretty close, for a quarter of the price. Still like the probe on a cable, will allow me to keep digging smaller diameter holes, and go deeper. It's loose sand around here, just need enough room to stick my hand in. Wonder just how big the coil is, inside the probe? Maybe fingertip size?