How would I go about creating a world map like skyrims:
and have a compass:
http://www.gamerguides.com/assets/media/skyrim/introduction/skyrim/the-compass/w1600h1600/68071-1412636400-png.png
that would display the distance (in meters) to a a quest marker or custom marker using blueprints?
I don’t know how many AAA games do that but i think simply loading an image in the unreal UMG would do the job, for compass you can use lookatrotation with end vector to the quest, and for distance use length of vector (questposition-playerposition).
If not start learning UMG from here
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I actually have a full 2 hour tutorial of how to do this with blueprints available to my patreons at Reuben Ward is creating The Unreal Engine C++ Survival Game Course | Patreon, however i’ll give you a quick overview on how I did it here in text and if you know blueprints well enough you won’t even need the tutorial 
The world map works by spawning a flyable pawn into the game directly up above where the player is standing in the level. The way we draw icons onto the world map is be using Widget Components, and making sure “Screen” space is selected, which will render the widgets in Screen space just like skyrim does. We add buttons to the widgets and when clicked, you can teleport the player to that location (by setting the players location to the location of the widget)
The compass is a little different. We create a canvas panel called Compass Panel that holds all our compass icons. When we get within range of a world location, we create a Compass Icon widget (just a widget with an image on it to hold the compass icon), and then use the Project function to find out where we’ll need to put the compass icon on our compass panel. Every time a new frame is drawn, we Project again to make the compass icons move around on our compass.
When we get close enough to a world location actor, we trigger an overlap, which sets the location to discovered. Now when we load our world map we can fast travel to these locations and make them visible.
This also allows for you to create custom waypoints fairly easily once everything is set up.
Good luck, implementing this is a bit tricky but it is quite a big system you’ll be creating. Keep patient and you’ll have it done in no time
Screenshots of my Skyrim World Map and Compass in UE4:
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