If you can afford it a full size compass would be preferable.
Iīd use a flint rod without the magnesium block. There is better tinder than magnesium, you could use the saved space for that.
Iīd replace the super glue with epoxy. Itīs more versatile and less dangerous. Some of the epoxy will harden in 5 minutes. Thatīs quick enough for most purposes and long enough for adjusting the parts.
Take some thinner fishing line for leader material. That helps minimize the loss of line if it breaks.
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If it isnīt broken, it doesnīt have enough features yet.