Generally, in these forums, people won't do the code for you, but they are usually willing to help you along, assuming you are willing learn how to do things.
If you have never done anything with a Teensy, I would suggest doing some of the examples, such as blink, adding simple buttons or sensors, etc. to get your feet wet before tackling something that has a few more steps such as your compass project. As I have said elsewhere, you only learn when you are going past what you already know. And don't get discouraged by initial failure. We
ALL fail. Those of us that do get the hang of it, pick ourselves up, learn from our failure, and adapt. I've seen some people that one or two initial failures means they lose interest, and move onto the next new shiny.
If I understand the technology, you don't want EL light tape, as with that only light up the entire strand at once. Instead you want something directional, so that you can indicate north, south, etc.
I would suggest getting an Adafruit NeoPixel ring, which is my current favorite new toy. It is a ring of 16 LEDs that are each individually addressable. That way when the compass is pointing north, you light up the LED for north, etc. Unfortunately, they are sold out right now, but they should get stock shortly:
http://www.adafruit.com/products/1463. Without a NeoPixel ring, you can certainly use other lights, such as individual NeoPixel leds chained together, or even 8 or 16 LEDs hooked up to your Teensy, and placed appropriately in a circle configuration.
Then you need to get a compass such as
http://www.adafruit.com/products/1120. Most of them involve using I2C, which is a software bus you can hook various devices on. On the Teensy you will need two 4.7K resistors for the pullups for I2C. This page describes i2c and the wire library:
http://www.pjrc.com/teensy/td_libs_Wire.html
Then of course you have get your hands dirty and do the connection of pieces, soldering and programming. How hard it is depends on you and what kind of experience you have. Since, I've been a professional programmer for over 30 years now, the programming is the simple part of the project. If you have never programmed before, then expect it to take longer. Unfortunately, there is no royal road to programming. You have to get in an grok what is going on. I don't know how to teach this (particularly remotely), but often times beginners seem to have an aha moment, where nothing makes sense (and C/C++ are not beginner friendly languages), and then after you've looked at it for a bit, suddenly, it makes sense of how the pieces fit together.
One of the techniques is to break projects down into smaller pieces. With your project, there are two pieces that can be tackled independently. First is figuring out how to program whatever lights you are using, and hooking them up. Then it is hooking up the compass and reading from it, printing to the serial port the direction. Finally, once you get both pieces working, then you want to glue them together.
Adafruit does have a video that marries the NeoPixel with the Compass (
http://www.adafruit.com/blog/2013/08/14/arduino-neopixel-compass/), but it looks like they haven't posted the code yet.
If you have a local makerspace where people use Arduinos or Teensy's, it might make sense to go there, as often it helps to have somebody in the room that has traveled the road before.
Good luck! It can be quite a rush when the project you've worked on for a bit, suddenly comes together.