Yeah, when my car had its original ('78) square rear fenders, I added the panhard rod to control rubbing more than to help handling. But it makes a useful improvement in handling too.
Later (after a crash at Watkins Glen messed up the back of the car anyway), I "radiused" the rear fenders so they looked like the RWA-style on my '72. Now I have lots of outside room, but the inner tire clearance (to the leaf spring) is still tight. Panhard rod makes no difference to leaf spring clearance.
As for using stuff "laying around" (like that tube), I do that all the time. You really don't have much to loose, so why not?.
The "tripod" part will probably be OK with the 0.065" tube. But the actual long, skinny panhard rod may bend. I'd say give it a shot.
Not sure if that tube will have enough "meat" to allow a thread to be tapped into it. You'll have to experiment to find that out.
G'luck!