There was a time when I had a 3 gauge console with spg, depth gauge and compass. When I started diving with a computer I realized I did not need the the depth gauge on the console and found it cumbersome to use the compass on the console as well.
Initially I switched the compass to a retractor and clipped it to a d-ring on my left shoulder strap. I was concerned that if the cord of the retractor broke I would lose the compass and also found it easier and more intuitive to mount the compass on the back of my left hand (Suunto SK7/SK8 with a bungee mount).
For the past few years I have been diving with a hoseless AI computer, but I still have the SPG mounted on my reg set...it has a bolt snap lashed to it that gets clipped off to my left waist D-ring.
However you decide to setup your gear should only matter to you. If you want to use a retractor for your gauge console go for it... the fact that the gauge console is otherwise connected via the hp hose means if the retractor fails you won't lose equipment. Be aware that retractors come in different pull strengths....one for a torch or a compass may not be strong enough to retract fully/properly.
Also, I have seen divers clip the retractor on their right shoulder/chest area causing the hose and console to cross their chest...this is not advisable as it makes it more difficult to get out of the BC when in a hurry....if you are the victim it is not so much a problem, unless the cord is steel cable, as it could/will be cut away in an emergency, but if you are rendering assistance or otherwise need to remove your gear in a hurry then it could cause problems....just don't clip it across your body and you should be fine.
-Z