Well first of all, I'd recommend running a screen session first while compiling.. just in case you lose connection to the host, it won't kill your kernel recompilation.
Secondly, there really isn't a failover mechanism that I know of. If you setup your remote host to boot into a new kernel and it fails while booting, well, you have to get someone to intervene somehow. Just don't screw up your recompile and you'll be ok..