I keep my tripod exactly where you suggest - between the pannier and the rear of the bike on the pannier frame, on the opersite side to the exhaust. It works out to be really accesable there so I use it pretty often. The tripod itself is a cheep thing I picked up on route in Mexico. Its not the most solid I could have bought and at times the camera moves about in wind but more often than not I can shield it with my body so its not too much of a problem.
If using a large camera or large lenz's I'd go for a stronger tripod, but stronger = more expensive to a degree. If mine gets stolen somewhere I wouldn't be too worried as it was cheep so I'll just buy another cheep one and ride on. Don't forget that if it's accesable to you its accesable to others. Put a small cable lock round it that is easy for YOU to open quickly.
Chris
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