Well I don't have much experience with Logos but it seems to me this should be a little more like the face of a watch.
Why not drop the letters on the base and have the compass over them like an analog watch. I think we will still be able to see the 'F' & 'M'. I also like the fancier letters but that's a minor preference.
When it's all said and done I would like a set of cuff-links please <-- Which I think you should promptly have made for yourself because how cool would that be?