Should be fine
I don't have a problem with my latch giving the fluxgate compas any problems. I think it is fine unless it is magnetic or caries electrical current. Just go for it, you will love it. One thing that I wish I did was to Get the Simrad TP20 which can connect to the NMEA output of my Handheld GPS (to steer to Waypoints) and also has a wired remote. I didn't think I'd ever use those features but now that I take the boat out more often, I wish I had the opportunity to control the boat from the rail, mast or bow.Cheers.Dave.