I don't see why the above wouldn't work. Panhard would be a positive location, and since we are talking about a minimal amount of travel at that location you wouldn't have to worry about the axle shift that occurs with a panhard through it's travel stroke.
My biggest concern would be while you are pulling the TT - if the bag were to start leaking down for any reason, then you could have big problems. Of course, plenty of over the road trucks use bags and have their own constant air supply.
Might be a good idea to go ahead and have a small on board air compressor such as from firestone or airlift so air pressure can be steady while on the road. Could even plumb in a tpms so you would be alerted of a pressure failure. Wireless unit like I have with my truck airbags would be perfect, as it's 12v and adjustable. Park, unhitch, then hit the button till you are level. Would need to think carefully about the height of the bag, as you need it to be fully adjustable. Measure weight of camper on each side, then spec the bag accordingly.
That's my biggest concern - lots of non standard parts that could leave you stranded on the side of the road. Unless you carried a spare of everything.
The bag setup like above would also smooth things out nicely with the TT going. Much better than the equaflex/ez flex equalizers that are out there now.
The drive on bags are a pretty neat setup too. But not nearly as crafty as what you are suggesting. most people wouldn't even notice your setup, but they certainly would see the drive on bags.
Keep us updated - would also be better to simply update this thread, as opposed to starting another thread. I like to see threads finished out.
Richard White
2011 F150 Ecoboost SCREW 145" 4x4
Firestone Ride-Rite Air Springs/Air Lift Wireless Controller
2006 Sportsmen by KZ 2604P (30')
Hensley Arrow