as title says... on the "Visible" option field instead of having only "Yes/No" it would be a good implentation to add also "Holding a Compass" and "Owning a Compass"

"Holding a Compass" -> Show the HUD if the player is holding a compass on hand.
"Owning a Compass" -> Show the HUD if the player have a compass anywhere in the inventory.

I believe these option keeps the dificulty of the vanilla style game

Regards :)