I'm not quite sure what you are talking about. Are you talking about pressuring the housing with N2, or just blowing N2 into it before closing at ambient pressure? There have been several threads that have discussed pressurized housings, but the general consensus is that although it might work, the housings are plenty strong, and if you pressurize to less than your ambient pressure at depth, the o-rings will move in the their grooves as the ambient pressure begins to exceed the internal pressure. This could cause a poor seal.
Getting rid of the moisture by flushing with a dry gas is a fine idea, but desiccant packs are cheap and effective.
I am confused about your comment that N2 does not compress well. N2 is very close to an ideal gas, it compresses the same as all other ideal gases, that is to say it obeys Boyles law; its volume is inversely proportional to pressure (at constant temperature).