Re: compass or no compass
it's a 16' sailboat. The chances of needing a compass are slim to none, certainly nothing more than a pocket compass. You don't need a radio, radar reflector, etc.
However, a handlheld radio is a good thing to have for all your boats, and you can use a compass as you are honing your sailing skills as Lyle suggested. But that is not a "need".
And SBL, you don't need running lights b/c you don't have a motor. When (if) you sail at night, you shine a flashlight on your sail. Take sailing course. You will enjoy sailing if you do. You may need the offshore survival and rescue equipment if you don't.