Is there any mechanism that would allow me to hide the Current Location marker on the map? I was skimming and searching the game settings and objects lists and didn't see anything that seemed relevant.

Maybe find the .DDS and replace it with a transparent one?

Hmm, since that's the only response, I take it there's no way to do it such that it's distributable via a mod... Or am I wrong in assuming that replacing the dds is a hacky solution that can't be distributed?

Use Skyrim compass tuner. You'll find in on the nexus.

Awesome, thanks!