Good eye! I believe the compass rose on the BAUE mashup is angled about 13-14 degrees off because the google maps images are aligned to true north; the compass rose adjusts the declination for magnetic north (what your compass reads). Note that the large Monterey maps I've linked earlier have been rotated so that magnetic north points straight up.
There are a couple of problems with that map. The first is that the waypoint marking the metridum fields on that map is Chuck Tribolet's, and it's not at the point where you first hit the fields when swimming due north M. from the end of the Big Pipe. It's much further east than that, and actually on sand to avoid people dropping their anchor on one of the reefs.
Second, the line of the Big Pipe added to the map is off. It extends out from shore on 035 M. (049 true) taking off from the NW corner of the pumphouse.
The reef you hit when swimming north from the Big Pipe is the lower left of the group of four reefs arranged in a rough rectangle west of the big 'M' in "Metridium", and just west of the 50 foot contour. The end of the Big Pipe is located in the 'blob' south of that reef; you can see the straight line sonar trace of the Big Pipe heading into it the last 50 feet or so, and pointing back towards shore. The Pipe passes just along the southeast base of the conical pinnacle at 28-29 feet, before bending slightly to the north and running the rest of the way outwards.
I've got a pdf map accurately showing the line of the Big Pipe, and you can find it in this folder:
http://groups.yahoo.com/group/ba_diving/files/San%20Carlos%20Beach%20%28Breakwater%29/
I don't know if you have to be a member of the ba_diving group to access it, but joining is no big deal. [Edit] I'd forgotten that Kenn's map also shows the line of the Big Pipe, although it extends out just a touch too far. But more than accurate enough for this purpose. He too uses Chuck's coordinates for the Metridium fields. On my map, the waypoint labeled 'MILSTN' is the small rock standing about 5 feet south of the first met. reef north from the end of the big pipe.
BTW, if the OP really found a 12" pipe, that's not the Big Pipe -- it's 30" O.D. (I measured the circumference with a tape). It's more likely to be one of the numerous cannery pipes off the NW end of the beach, most of which are in the 6"-8" range.
Guy