When a lodestone compass is used under normal circumstances it works fine but the bug I'm having is when the lodestone block it self is broken the compass flashes rapidly in a strange manner and (spins around in circles) <-- this is nothing new and works as intended)

Currently there is no way to reset it to a default setting like before it was right clicked on the lodestone so at the moment It can't default to the overworld spawn point it just spins around unless used on another lodestone. 

My recommendation to fix this bug when the lodestone is broken, make it so you can shift +right click it to reset it to the overworld spawn point and remove the glowing effect in the process. 

I can't take a screenshot as it doesn't show the flashing effect on there you have to load up the game and try it for yourselves.