A panhard rod would be capable of better side-to-side axle location and remove the obligation of absorbing side loads from the leaf springs ... but if you do that, make sure the panhard and the leaf springs aren't both trying to do that job differently, thus binding up against each other. The panhard should be as long as possible, as horizontal as possible at nominal ride height, and with its pivots at the same height as the leaf springs, and it might be advisable to arrange for some sideways compliance (intentional sideways clearance, soft bushings, etc) in the way the leaf springs attach at the pivots at both ends. This way the leaf springs don't have to take up side load. They'll still have to absorb axle-wrap loading from accelerating and braking, and fore/aft locating-the-axle load between the axle and the fixed pivot.
One thing to be mindful of is that conventional leaf springs are built with multiple thin leaves partly because this causes the leaves to rub against each other a bit when the axle moves around, which adds some (frictional) damping to the system in a direction that the normal hydraulic dampers can't fully absorb. This helps dampen out oscillatory axle-wrap, which would otherwise lead to all sorts of axle-hop and other bad stuff. I don't know if composite springs would be able to be constructed in that manner and survive. (It also adds to the rough ride that conventional leaf springs are notorious for, but that's another matter.)
All of those loads can also be taken up by linkages, and with less axle-wrap and deflection than leaf-spring setups have, so that if you get the geometry right, the axle-wrap doesn't happen in the first place. And by the time you're done all that, you might as well do ALL of the axle locating with a linkage, and toss the leaf springs in the trash and put in a set of coil-over shocks!
The Corvette independent setup doesn't have any of these issues since the wheel spindles are fully located by the linkage, the hydraulic damper is responsible for all the damping, and the spring only has to be a spring in one direction of movement.