I built exactly that device, but as an ankle bracelet. I also used GPS so you could have it continuously point you to a specific location. It was for a college

I built exactly that device, but as an ankle bracelet. I also used GPS so you could have it continuously point you to a specific location. It was for a college project and I never took it past prototype so you had to carry around a breadboard and an Arduino. It was interesting to wear and after some time it started to feel like a "sixth sense".