Hi Chris,
My take on it is that for everyday single-row panos no you don't need all that gear, although the gear-head in me would disagree. As long as you can step/rotate as close to the entrance pupil as possible it may work depending on subject matter and distance. Or add a nodal rail to a leveling bowl or ball head to easily get rid of parallax error. I have not attempted multi-rows handheld, that would be a challenge even for PTGui to stitch though.
Cheers,
Dave