I'd glass over the hole if you can... starboard is nice as a cosmetic material but a lousy structural material, and a large hole like that probably does weaken the bulkhead a bit. Then, when you've closed off most of the hole, do what Cam suggests, which makes mounting the compass really easy, but also makes maintaining it simple too. The starboard mounting plate will also make getting the compass square to your hull, so that the compass reads properly, easier.
When I installed the opening port in my bulkhead, I laminated in some 3/8" plywood and also epoxied the interior fiberglass liner to the area the port is in. That was done to restore most of the strength that cutting a 5" x 13" hole in my bulkhead took away.
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You know what the first rule of sailing is? ...Love. You can learn all the math in the 'verse, but you take
a boat to the sea you don't love, she'll shake you off just as sure as the turning of the worlds. Love keeps
her going when she oughta fall down, tells you she's hurting 'fore she keens. Makes her a home.
—Cpt. Mal Reynolds, Serenity (edited)
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Still—DON'T READ THAT POST AGAIN.