Ah that's an easy question to answer.
ANYONE who "Just back from a 2 week (2,000 shots/30+ gigs) photo trip in Arizona" deserves to know this trick.
You just have to have the right tools. Go to the kitchen and get some plastic food wrap, and a magic marker, and a pair of left handed sissors. !!!!! LOLLL NOT today he wrote. BUT its just about that easy.
Your favorite photo editor that can handle transparent background canvas, and layers. Photoshop CS3 is my favorite so I will talk from there
I suspect you are using Panoweaver 5. PW 5 has a function called a FLOOR image. The tripod cap transparent .gif file will go into the /floor folder.
In photoshop open a new file, tell it to have a transparent background. Make it (depends on your tripod leg spread trial and error) say 300 x 300 pixels square. New layer over transparent background create a color filled circle. New Layer over color filled circle for TEXT or image.
Save as new file name.psd. Save again for WEB and devices filename .gif transparent 256 GIF. Put this file in the Easypano /Floor folder.
In PW 5, import your panorama. click on the /FLOOR (right screen side) select your transparent gif tripod cap. And Watch PW5 warp the new T-cap circle across the panorama bottom. Save the new version of the panorama.
When you preview .. you will see the dewarped tripod cap circle when you tilt down.
Hope that helps
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EasyPano - Panoweaver