The hole would need to be farther to the right not to the left. The bar is basically to long after the truck is lowered. The way you have the "X" marked it would make the axle even further to the right unless I'm missing something which is entriely possible.
Don't see why drilling a hole farther to the right and up from the stock hole wouldn't work though. I was thinking the same thing when I was installing my air bags today. I think that it might even be possible to shorten the stock panhard bar but the poster that had the custom ones seem plenty cheap enough to give it a shot.