Mart,
I beg to differ when you say you can't see an aftermarket panhard bar in the pics. I see evidence of the aftermarket panhard bar clearly visible in every pic except the final engine/firewall pic.
On the pass side of the axle there is a large nut nestled into the web. This is NOT FACTORY, rather the attachment point on the axle for the modern panhard. IF someone miss-drilled the axle as little as 1/4" from the ideal location, then the non- adjustable bar ends up too short (or long). Once hooked up at each end, the bar cannot compress or stretch, but it will pull (or push)the unsprung portion of the suspension, in this case the axle which swings from the shackles. This problem will show up as shackles positioned at two different angles (as shown in Scott's pics).
As stated earlier, unhook the bar, settle suspension on floor, lift the end of bar up the hole in axle, and see if bar lines up with the hole. Hopefully it's real close and it won't hurt.
I do agree that the 40 Deluxe sway bar provides some lateral stability, but with higher speeds, rutted pavement, etc, the panhard bar can make for a nice retrofit.
Respectfully, RPM