But yes, the compass you have today will point south instead of north, but this can be solved by repainting which pole of the compass is red :)
https://en.m.wikipedia.org/wiki/Geomagnetic_reversal#Charact...
> say I'm heading South
After the reversal is complete, yes. During the reversal your compass could well be rendered useless (pointing toward your closest pole); assuming we're right about how the reversal would happen.
I guess with celestial navigation it would've had less effect that one might think, but it certainly wouldn't have made navigation any easier.
> Hypotheses have also advanced toward linking reversals to mass extinctions.[47] Many such arguments were based on an apparent periodicity in the rate of reversals, but more careful analyses show that the reversal record is not periodic.[17] It may be, however, that the ends of superchrons have caused vigorous convection leading to widespread volcanism, and that the subsequent airborne ash caused extinctions.[48] (https://en.wikipedia.org/wiki/Geomagnetic_reversal)