SQL Transactional Replication and Table level compression
There's no real pitfalls from doing this. You just need to be aware that there will be a slight increase in CPU on the subscriber, so if you're already CPU bound it might not be the best path forward. 

You could consider using either pre or post snapshot script in order to help ensure that index compression is maintained in the event you need to run another snapshot (and to add any additional indexes that you require).

When performing the compression be aware that you will probably experience transaction log growth, much like you would if you rebuilt any other index. Sorting in tempdb is generally a good practice for something like that.