You only _may_ need C/C plates for the alignment. The stock "onionhead" plates dont have a lot of adjustability.
I would opt for near stock specs. If you lower the car, I would use less camber (less negative that is).
As for the panhard, cannot comment "for sure". I know the Griggs SD ones do not. The HD ones have trouble with most brands of aftermarket ones. The other Panhards (like BBK and Saleen...) I would not buy. I have personally seen those bend and catastrophically break (and slice thru a tire).
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Darius Rudis
Roadracer: Home built t-arm/panhard suspension powered by an S-trimmed motor :-)
My Mustang Page