I fell of a few buildings because of that, and after I looted an entire ship (it took me a while), while I was at the top, looking for a way down, it teleported me off the ship like I fell from a plane, of course I was dead yet again...

you don't have to equip it
just go to inventory, right click compass, inspect

compass necklace sounds really great

In real life if your arms are strong enough, you don't need legs to climb ladders... So that would be a vote down from me

I think that your idea is a good one, but I don't think that it could be applied to the game as it was intended.
Simple reason is you comment about self defence and about Bandits, and I quote: "Also, if you reach the point of bandit, your guilt will decay much faster because you've become familiar with murdering."
Because of that, good players will have to suffer through paranoia and gulit, while those $hardcore bandits$ would just search the area for someone else to pray on (I'm reffering to the random noises).

But I really believe that
(0041979)
Jaybopper has a better idea and that his idea should be considered in the future updates.