Oye oye oye! Definitely DO NOT REMOVE THAT BAR! Yikes. Basically what Cameron said, but only adding, NO. The sway bar is no where near a substitute for the panhard rod... Yikes. The sway bar should be, if it's like a 140 fitment, of which I'm very positive that it is, supported by endlinks, with rubber bushings, allowing movement side to side, back to front, however it wants to move. The sway bar is not hard mounted to the body, it does flex, and does not really ever have much side load on it. If there were a big load on it, there's no telling what might happen.

If you ran without the panhard rod, when you go around a turn, your car's frame and body would want to go to the outside of the turn, and your rear wheels would want to follow whatever path you choose them to go, thus putting all that new stress on the trailing arms and torque rods, and a very small amount on the sway bar endlinks. The arms and rods might bend, get torn out, or at the very least, have their bushings utterly destroyed. Sway bar endlinks could rip through your floor board, no matter how much extra material you put there to hold them in place. The car was designed with a panhard rod, you NEED something to locate the axle beneath the car. Remove the panhard rod, without designing something that does something to locate the rear laterally, and you will lose your rear end when going around a turn. You don't want to go around a turn and all of a sudden just have the rear of your car dragging on the ground with your rear axle next to you...?

So yeah, a slightly lengthier version of saying, NO. Not how it works.