This script would change the yellow compass markers viewable options.
What I mean is, let's say you set [distance] to 50. As long as you are within 50 blocks, you can see the marker, but at 51+, you don't.
This way, you only see nearby locations, and you could mark out every cave, town, etc, and still be able to see each marker on the compass very clearly.
I also added a [R/G/B/W] option, just in case Craig decides to go with the totally needed idea that we should be able to color our markers, so we can mark out different categories of areas.
Player/global is obvious, so I won't explain it.