One degree of compass error = 92' in one mile. The vikings managed to hit Canada's eastern shore with a lot less in the form of a lodestone and the story of Saint Brendan the navigator.
Personally, I want more than a magnetised bit of iron and some irish priest's word. Some people would look at your Mora as a 'toy' also. Put the button back in. It's better than nothing.

And nothing is your main consideration. Have you jumped from a highboard into a pool with this rig on? my one Lifejacket kit use was at Tilllamook Bay Oregon. I was a rescue swimmer and managed to get 3 people to shore in the rapidly fading light. My survival belt with all my kit was rippped off. I had my secondary Camillus folding sailor's knife inside my wetsuit on a paracord lanyard and little else.

Somehow I managed to make a friction fire courtesy of some dry wood and coals from an recent beach campfire and a really lousy spindle and board. The Oregon Coast isn't exactly noted for the dry conditions in Arizona when i learned firemaking as a little boy.

You try to explain to a screaming CPO your knife,strobe light,penflares and Lifeboat matches were in the Pacific Ocean, the MK 1 Lifejacket was less than exemplary and when you're done castigating californians, I think my left hand is broken.