I removed my PB compressor from the top of the engine after it cooked a relay - it's just too hot up there. They only put it there to keep it warm in extreme cold weather so it wouldn't freeze, which it still does if you don't plug in the block heater.
I suggest moving it someplace else. If your 04.5 is like my 03, you have a great place behind the passenger side battery.
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I had to make a little aluminum shelf to hang off the side of the battery tray for it to sit on but it rides nicely there. It's close to the actuator and stays cool too.