Tucking your chin may help, but it will probably slow you down when the hips drop. I think all backstrokers just develop a third eye after a while.
Being a backstroker myself, I've never really thought too much about catching my bearings, especially when we circle swim. Peripheral vision may be the best way to stay aware of the lane lines and the wall. It can be easier to get a side glance rather than a downward view at the feet, which will cause a momentary hiccup in your stroke.
Are you the same Jeff C. who has some very fast top 10 times in both the breast and back events.