Immersive Hud will also allow you to get rid of your compass as well, without using the console. It also allows you to get rid of other hud elements, like the crosshair, and even choose when they will appear or vanish. I have my crosshair set to only appear when I use a ranged weapon.
I am going to try out Lock Overhaul when I go back to Skyrim. I already have an Open/Lock spell mod, but the one I was using for lock bashing had a bug where you would be walking along minding your own business and you would suddenly get a bounty, then all the hold guards would attack. Needless to say I had to stop using that one.