Sean,
Are you talking about a handheld compass MOUNTED in an aircraft? If so, it is subject to magnetic influence by its surroundings as any other compass. I don’t know how it could be adjusted for deviation unless you somehow use external magnets & or steel balls as per ships compasses as RW describes above. Correcting deviation is not just simply rotating the case to indicate a revised heading.
If it is truely hand held, I.e. free to be held in any orientation, there cannot be any way it can be “adjusted” for Deviation.
Polar drift affects Magnetic Variation (Declination) and cannot be adjusted out of a compass. This is accounted for in charting, both paper and electronic. Generally, this information (the WMM) is updated at 5 year intervals and applied to charts as a revision.
Structures and electro magnetic influences physically surrounding a compass affect Magnetic Deviation and can be adjusted within or adjacent to a compass depending on its type.
Cheers.