NOBODY has the distance all the manufacturers recommend, Dan! I've done installs with (2) 10" displays, a VHF and a stereo all with 12" of the compass! This is the thought process. When your displays are up and working, you don't really need the compass. However, should your electrical system crap out, and you really need the compass, well, it will be fine as there is no more electricity flowing...At least what I think...
Why mount it at all?
So have at it, Dan!!
I use my compass ALL the time. If I'm navigating to a waypoint I look at the GPS for the bearing to the waypoint. Then I take off on that magnetic heading for a few minutes. Then I look at the GPS for my course overground. Then I can make the correction to my magnetic heading to correct my course and end up on a true course to the way point. This way I'm not making a squiggly course to the destination chasing around the course due to the slight lag of the GPS.