Brackish I thank you for your comments.
It appears we are talking about the same compass. The price was my main consideration at this moment, as the cut out in the bulkhead has been bothering me since I acquired the boat and I wanted a more finished look.
The mahogany frame I made encircles the compass and adds to the classic look by making a modern piece of equipment more antiquated in appearance.
Thanks for the heads up on the hole for the compass. I used a 3 inch drill attachment which gave me an exact 3 inch hole plus a little wiggle room due to the drill vibration. Beautiful fit!
I used some marine grade silicone to seal where where the wood frame meets the gel coat of the bulkhead. Just enough to hold it in place. When I tightened the gasket, the whole thing came together like a charm.
This weekend will be my first time out with the compass in place and I will follow your recommendation and make the needed, albeit simple, adjustments while in the water rather than on land.
For now, sailing in Biscayne Bay, this compass will serve well. Maybe once I have brought the boat up to having the basic necessities, I will begin thinking of upgrades.
I thank you, once again, for you guidance.