I thought along those lines and got the Silva(Brunton) compass that slides over the wristband of a watch. I didn't try one already on a wristband like the one you are looking at.
I eventually settled on the Suunto clipper and have it clipped to the little money pocket inside the right pocket of all my pants/jeans.
When needed it can be clipped to the watch band or sleeve of my shirt etc.
It is a good quality button sized compass.
It might be another idea worth looking at.