I think it will only output compensation if you choose to do a final cut with it, I could be wrong. But normally, a regular contour cut is a bit faster than a truemill cut for a finish pass.
The only time I use a truemill operation is when I have a production piece, and with that I normally have onsize, sharp cutters. It can take a bit of time to iron out the perfect truemill speed/feed/engagement/doc..
as for the value, most controllers need at least what your missing on your tool.. eg. your .5 endmill is actually .46 , most controllers go by radius so you would put in your offset .02 and you would need at least .02 in cutter comp movement. I normally just throw .1 in as cutter comp engagement, as long as I have enough room to move it..
Just when you thought you had it all figured out, all hell breaks loose..