I've tried to take panoramas without a tripod. It's very hard, even with
assistance from the (digital) camera, to get reasonable alignment and
overlap.
The inch or so from the rotational axis to the nodal point is completely
trivial, compared to the ability to keep the various pictures aligned
with each other - unless you're taking a panorama of a diorama that's
only a couple of feet from the camera or using a long telephoto lens
(which on the face of it is a very bad idea in this context).
I also do *not* believe that a photographer using a hand-held camera can
manage to do a better job (than the person with a tripod) of rotating
the camera around a vertical axis exactly on the lens's nodal point.
Remember that the photographer is required to keep the camera nearly
level, while at the same time not moving the camera's nodal point
between shots as much as the tripod user might.
Feel free to educate me