As Greg says, NO a camber compensator will not help. A camber compensator has no effect on wheel travel or ride height, and does nothing when the car is sitting level. It is NOT an additional suspension spring.
They only work when you go around a corner, when the VW leans and the swing axle geometry makes the bottoms of the two rear wheels move closer together. Then the camber compensator applies force from the loaded, 'outside' rear wheel to the unloaded 'inside' wheel. This reduces the camber or 'tuck in' that would otherwise occur, and keeps the rear end 'flatter'.
Try finding a copy of Peter Noad's book "Tuning Volkswagens', which explains the VW swing axle suspension and how it works, and how it can be modified, in great detail. Here's one :
http://cgi.ebay.com/ebaymotors/Tuning-Volkswagens-Book-by-Peter-Noad-Beetle-Racing_W0QQcmdZViewItemQQhashZitem4a9cbe9e7bQQitemZ320457318011QQptZMotorsQ5fManualsQ5fLiterature
It sounds like your suspension is way out of whack. It might be best to take it to VVDS or CBB and have them restore the stock settings - ride height, camber and toe-in (front and rear), check the suspension for wear/damage/bent components, and replace the shocks and steering damper. You might also need new rubber bushes, or king/link pins too. Has the car been in an accident? Is the chassis and body straight? Check the wheelbase on both sides. Get it running properly first before you even consider modifying it.