Sure, as long as the bubble isn't too big there shouldn't be much reason to worry. On one of my treks earlier this year though, I ended up with a bubble about the size of a dime inside my Suunto. Unless I held the compass perfectly still and level the bubble would push the needle to one side or other by quite a bit.

I realized it was bad when I checked my bearings repeatedly and got a totally different reading each time. To make things worse, GPS signal was very poor (no cellphone signal either) due to heavy tree cover and difficult terrain. So it took some serious effort to backtrack to the car safely. Luckily it wasn't more than a good couple of hours walk to get back but overall, still a pretty scary experience.