My logic (or lack of): If you loose the electronics --lets say a lightning strike--you will loose the Electronic compass. I always carry a hand held GPS, hockey puck hand bearing compass and hand held VHF in a steel box (Faradey cage so to say). On the other hand, most of the time I steer by the GPS/chart plotter, and rarely watch a magnetic compass (but I have plenty of experience!)
I took my hand bearing compass, before I had put any of the electronics aboard and stood in the center of the boat--and made a sight. Then a fashioned a block of King Starboard to convert the convex top of the dash to a flat and level surface under the compass mount. I then mounted the 3 2/3" compass precisely fore and aft, with the same reading as the hand bearing compass, and didn't worry any further. I will have two GPS/plotters, two VHF radios, innumberable guages, probably a sterio speaker and a fan withing 30" of the compass.
When everything is in place and running, I will swing the compass, using a sun compasss and Azmuth of the sun for the first time. (
http://www.ascscientific.com/suncompass.html) I will compensate the compass as best as possiable and construct a deviation table for day running and for night running, with all electronics on--and that will be it.
Peroidically I will swing 8 points with the Sun Compass and check--to be sure that it is not way off. This type of technique got me across a number of oceans long before GPS, so I figure it will work with 4 gPS recievers, a Fathometer and Radar!--plus all sorts of maps I could not immagine 40 years ago!
Do the best you can, make a deviation table and dont sweat it! One other way to check your compass is to run known ranges. I prefer to use fixed land marks, not bouys, since currents can swing these off position signifantly.
There is a place for a compass, since most GPS do not read correct direction when at rest--and that is as you first begin to move away from a dock or objstrucion. With low visability, the compas bearing gets you pointed in the correct direction. It is always a good idea to write the compasss bearing out of a cove, just in case you have to suddenly leave.