hp laptops arent the best just for what you explained. but depending on how much code you are going to be compiling it really shouldnt tax the cpu that much . gaming is the thing to stay away from on hps. really anything that uses the graphics and cpu at the same time is a no for hp. i had 2 hp pavillions one with that same processor in it and both got ripping hot even after replacing the thermal compound.
if you go this route invest in a nice cooling pad, im not sure how this compared to my dv6-dv7