If you are talking about the kenny brown panhard bar that connects to the spare tire well, then the answer is "NO!". Race4food clearly used it in a drag racing application. Imo, turning corners with that POS would be disastrous, despite additional bracing. Get a hold of a real PHB, from Griggs or MM.
Regarding the Global West trak-link, opinions are like ########, everyone's got one. The problem with the trak-links is that GW didn't even know what the hell it was they designed or they just would have called it a "short floating-front-mount torque arm" (or something similar). If they had realized it was a proper torque arm (despite what other people say, it actually is a torque arm, it's just a bit short), instead of telling people they could run it with soft springs and the stock rear UCAs (don't do this! Adding the trak-link to a stock rear suspension only creates more bind), they would have realized that people needed to run it with a PHB, no UCAs, and TA springs.
How do I know all this? I bought a trak-link back in the mid 90s and tried to auto-x with it for several years. It sucked, lots of bind with the already binding stock rear suspension. Car felt great in a straight line, sucked everywhere else, so off it came.
A few weeks ago, I installed an adjustable Griggs PHB. After doing lots of research on corner-carvers, and after talking to a few people who have used trak-links with PHBs or Watts links (Jim, who replied above, was kind enough to give me some pointers and advice, as were others), I decided to give it a shot on my 92 notchback despite also having a griggs TA available to use. I've ridden in normal TA equipped mustangs and the axle hop issues under braking worried me. I figured with the sliding front mount of the trak-link, there would be less bind under braking and I could dial in the rear brakes and actually use them (98 cobra brakes, front and rear).
I know full well about the floor pan cracking issues with the trak-link because I had already cracked mine. However, I think I created a solution for this: we welded a support brace from the trak-link's vertical forward mounting plate to my driver's side sub-frame connector where it meets the driver's side seat bracing. This should help relieve the stress on the floor pan almost entirely. I am not an engineer but it seems to be working great so far. I'll try to get some pictures of this today. However, keep in mind this is in a 300 rwhp car, so you may want to consider either lots and lots more bracing, or just ditching the trak-link and getting a proper TA from Griggs or MM.
How does it handle? Bloody f'ing fantastic! The car pulls hard out of corners now, turns like a mofo and hooks up in a straight line. I haven't raced it like this yet, but TAMSCC's first auto-x of the year is this coming weekend and I should have some more data soon. I seriously expect the car to be 2-3 seconds faster on a 60 second course than it used to be, just because it can now power out of the corners and the turn in is so much better. Removing the rear UCAs is step 1 to fixing how poorly mustangs handle.
To give more info, here's the break down of the car's suspension:
Grigg's adjustable PHB
350-390 lb/in torque arm springs
Koni red shocks (currently set at full stiff, but this may be too stiff, not sure. Time will tell.)
98 cobra 27 mm hollow rear sway bar (effectively a solid 26 mm sway bar)
stock rear LCAs
removed quad shocks
17*9s with 275 Azeniis
The key with any TA system is getting enough rear roll stiffness, hence the stiff springs and swaybar.
1000 lb./in springs
koni yellow struts (one blown)
24 mm sway bar
caster/camber plates (probably 3* caster and -2.5* camber)
98 cobra spindles
17*8s with 255 Sumitomos
I'm about to put SN95 control arms on the car this week (with the appropriate bump steer kit) along with 94-95 spindles. This will allow me to run 17*9s with 275s up front since I have a '92 AND will allow me to dial in a bit more negative camber.
The de-coupled trak-link/torque arm setup that vicbaby referenced can be found on a thread on corner-carvers. It's a neat concept that works great. The author is a friendly guy who probably won't mind talking to you about his design.
2015 edit: The trak-link sucks. It creates 185% anti-squat. Does not work worth a ####, was never any faster. I ditched it years ago for a PM3L and have been MUCH faster ever since.