When I installed my panhard bar I took photos of the potential clearance issues - where clearance was tight for me. I'm using normal 5.0 tailpipes from LMR. My situation is of course probably a little different than yours, so I don't know if these photos help but here they are. I basically copied the images and text from a post I made in my build thread.
This picture is on the passenger side and shows the exhaust pipe going over the chassis mount:
Same location, different angle:
There is plenty of room as the pipe starts to go over the chassis mount. Where the trouble might begin is just to the left of the green circle in the above picture, where the pipe starts the downward turn to go out under the rear bumper. This is the space that I had in that area:
I could fit my gloved fingers between with no extra room. My fingers fit, but I was touching exhaust pipe and chassis mount on both sides. I don't have huge troll hands or small dainty hands, they are pretty normal I think (how's that for a unit of measure) - so take that into consideration.
Moving to the center of the car and chassis mount, this is what it looks like:
As you can see, the chassis mount gets pretty close to the bottom of the spare wheel well. But since both items are fixed, there's plenty of room IMO.
Over on the driver side, there is plenty of room where the pipe starts to go over the axle and the chassis mount (my finger is touching the chassis mount in this picture):
However, as the pipe comes back down to go out underneath the rear bumper, the clearance is even less than on the passenger side. I can just barely get my finger through:
As far as I'm concerned, there is plenty of room in what I show above. The chassis mount is fixed to the frame, so it isn't moving. The exhaust can move some, since it's on rubber hangers, but I have new hangers so it's pretty stiff. I gave the pipes some shoves and they didn't move very far, and did *not* contact the chassis mount. Having said that, it's possible it might make contact while driving it. If it does, I'll just dent the pipes a little out of the way in those tight clearance areas and it should be good to go, though I don't expect to have to do that.
One last thing, YMMV!! Part of the installation of the chassis mount requires you to position the mount based off measurements of the shock mounting portion on the axle - this is to make sure the bar is perpendicular to the car (and not at a severe angle, where binding will occur). There is some fudge room per the instructions, but at 1/4" it's not much. Because your car is probably a little different than mine, your chassis mount might end up in a slightly different place, and thus your clearances might be a little better or a little worse. I'm happy with what I ended up with so far.