Class Rule E.4 requires a "fixed steering compass".
I didn't see anything prohibiting a GPS.
RRS 87 requires the permission of the Class Association to change a class rule:
87 CHANGES TO CLASS RULES
The sailing instructions may change a class rule only when the class rules permit the change, or when written permission of the class association for the change is displayed on the official notice board.
I'm writing the SI's this weekend, so somebody needs to let me know what's happening - including the insurance limits. That will require a revised NOR.