First off getting tattoo is a personal thing and the tattoo's meaning is as varied as the number of people getting it. I have never heard of a compass tattoo having any gay meaning, but I am not hanging out in the gay community. So I did a quick search to see if I found anything referencing it. I didn't find any site mentioning any gay references. Most say that compass tattoos are either symbols of those who were in some sort of maritime job, or use it to reference direction in their life. Either to remember where they came from or show how they have lost their way and are now back on track.
Whatever it means to someone else is irrelevant. You shouldn't be getting a tattoo for what others think, but what you think and feel. I had a friend who got a tattoo of a sunrise. She was just about to graduate from college, and her fiancé broke up with her. She got the tattoo as a symbol of new beginnings. Most people looked at the tattoo and in their mind saw a sunset. I bothered her at first. I explained that is their take on their own life and had nothing to do with hers. Get what you want and give it your own meaning.