I have been hacking around with Vereio, Skyrim and the Oculus I just received. I found a ini option that allows the interface to be moved away from the edge of the screen allowing most of the inventory and spells to be usable. Loading screens and text are better as well.
You need to locate your Skyrim.ini and add at the bottom this section. (backup before changing of course!)
I find the 150 for Y is just about perfect for the vanilla compass and popups. I boosted the X to 300, which can make the center a bit crowded but it is perfectly readable (to me anyways).
Got the idea from the mod scene for Skyrim while I was looking for a better UI fix. http://forums.steampowered.com/forums/s
They were using it to move items closer to the edge, but I figured it worked both ways!
(also noticed someone else found this on another post on wed!)