It appears that the compass can't currently be assigned to any purpose other than a Triforce piece in the item editor. But what about side dungeons where you either collect a special item, or mini dungeons that require you to defeat a guardian to move on to the next segment of the game?
I use both of these, as do many others, and since they can be relatively large, I believe the standard map & compass system is appropriate for them.
The issue, however, is getting the compass to stop blinking once the item is picked up or the boss is killed.
So I'm figuring (hoping) both of these can be simple FFC scripts. You place one in the boss room that checks if the "Dungeon Boss (Don't Return)" setting has been triggered, or perhaps if all enemies have been killed in the same way that "Enemies -> Secrets" is triggered (though obviously it has to stay permanent). You place the other in the special item room that checks if the special item has been picked up, or perhaps it could even be an item pickup script. And in each case, compass blink disabled.
I could live with one the dungeon boss one if both are too much hassle, but I believe both could be useful to anybody doing non-Triforce dungeons. Is this doable?