Do you like Ranch Dressing? Eat a lot of it at your house? Easy, inexpensive recipe to make it at home. Control the ingredients, no fillers, reduce the fat (by the ingredients you choose) if you want to make it healthier. Good idea!
Compound butter is simply butter with an added flavor or two mixed in. It's not just like buttering an item and then adding a sprinkle of the flavor - compound butter becomes a unique flavor unto itself. You can put these on pastries, meat, pasta - anything you like.