I think you can demagnitize your compass if its close to a magnet for an extended period, which means your red (north) needle would be realigned and wouldn't point north anymore. Although ensuring the compass and the shake light stay apart in the bottle might be hard so maybe replacing the shake light with a small Photon microlight is an idea. As far as the "band-aid kit" is concerned, I'd recommend adding some antiseptic wipes, neosporin, advil/motrin, etc.