That's why a simple toggle option under gameplay settings would be the absolutely best solution for EVERYONE.
Personally, if they implement this, great, I have absolutely no problem.
IMHO, an objection the dev team might raise is that this function would be redundant.
There is no way to toggle a quest marker from a single quest. You can only do this if you have multiple quests, and then be forced to be distracted by another quest marker as well.
Keep in mind
1. nobody plays the game with only one single quest, as it would be almost impossible to go through the game without collecting any quests
2. when you first get a new quest, in order to activate it, you have to consciously make a choice to turn the quest markers on by clicking on it
There is also no way to toggle compass icons.
Can you clarify what you mean by compass icons? Are you referring to the early warning system that tells you when there are enemies nearby, or an unexplored inn or dungeon in the distance?