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Without doing the math I would assume that this system could run that panel. And yes adding a second axis with a hub would work if it was hub mounted and you ran double bearings through channel for support.
Yes this would be more efficient and for this simple project depending on where it is placed on the earth you could average the angle that the sun would be. Angle theta approximately equal to your latitude from the vertical axis. This way throughout the year you would maximize your efficiency using a one axis motion device. (as long as energy produced at the peak of winter is the same as summer, which I don't find to be likely).
Actobotics Solar TrackerView Instructable »