I'm building a watts link for my '65 El Camino. I think it looks cooler than a panhard bar, plus I like that of all the systems it minmizes side movement the most.
On mine the swivel arm / propeller is mounted to the frame as opposed to the rear end. I'm not absolutely certain which version is better, but I think the frame mount swivel is better because the roll center stays consistent with the body/chassis and not the axle. Fays and Steeda both use the frame mount pivot method.
My main reason for the frame mount pivot is that I didn't want to build extensions off of the frame for fear of adding too much torsional stress to the frame, and I also wanted to keep the links short to keep the packaging pretty tight to allow plenty of room for the exhaust.
The frame mount is done in the second picture, for the axle mounts I'm probably going to make permanant mounts so I'll need to wait until I can build the 12 bolt rear end. For mockup on the 10 bolt I just welded some tubes / nuts to the axle tube.
For the swivel arm, I'm hoping my son can CNC mill out an aluminum piece before he finishes high school this year... If not, I may just cut my own pieces and fab it out of three pieces up like shown in your picture. My first attempt failed since the holes weren't exactly equi-distant. These holes need to be precising cut. Someone with a waterjet or laser jet could cut them too. For the center pivot I might use an small wheel hub with bearings and a center spacer. The other thought I had was to use the roller skate bearings used on roller perches. The $10 links are from speedway motors, and I already had the hiems.
If you build your own, there is a company in street rodder magazine that sells the urethane bushings and adjustable end links. I'm not sure but I think they sell the DOM tubing too.


Anyway, my vote is for the watts.