The panhard bar is the primary locating member (laterally) for the rear diff., so with out it there isn't much (shocks, LCA's, TA, sway bar?) keeping the rear from shifting side to side. I wouldn't drive it at all. Get a bolt in there, even an ill fitting one temporarily to get to a garage or something. You could go around a turn and the rear could shift, maybe enough to cut a tire on the fender lip or something worse.
The bolt may have been tightened enough, but if it was reused from a previous install it probably lost its crush or the nyloc was worn out and didn't hold.
Don't drive it.
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1999 Formula 6spd (The driver)
1997 2500 Ext. Cab Dodge 4x4 CTD 5spd (The Earth Mover)
1970 Nova 5spd (The toy)
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