Is there an option to disable quest markers and the compass in the 360 and PS3 versions?

i don't think it's an option as it's not in the menu anywhere from what i've heard. pc can do it but only with a .ini file edit.

If you want options you really should consider the PC version, Consoles don't normally allow as much flexibility.

You can mark and unmark a quest as active in the quest menu, this will add/remove quest markers I believe. To do this select the quest, or subquest and press A (Xbox).