Install is a breeze, although it's usually easier with two people.
Mount the axle side first, and have someone slightly turn and hold the steering wheel to get the panhard bracket on the chassis to line up with the end of the rod, and slide your bolt through.
As for adjustment, it's going to require a couple of measurements. The panhard effectively shortens the linear distance between the frame and axle mounts as the axle is pushed away from the chassis (as seen with lift kits), and the axle becomes off-centered and is pulled towards the driver's side of the truck. Depending on the amount of lift you're running, this distance will change.
Pull measurements at ride height with the stock panhard installed, find the difference, if any, between the driver's and passenger's sides, and lengthen the RTE rod accordingly.