The $350 price is also very high.
I missed that on my first scan. Going price for a bike like that is about $100.
Panasonic made some nice bikes, so it wouldn't be completely unreasonable to tour on that (assuming it fits you). It would be a project bike, though. You'd need to disassemble and repack wheels, headset, and bottom bracket; replace brake and derailer cables and housing; replace brake shoes, tires, and tubes; and probably re-tape the bars. Probably $100 in parts, and $200-400 in labor at a bike shop, depending on the shop, if you don't do it yourself. Gearing is high, by modern standards, so you'd either need to replace the crank or plan on walking more hills. There goes another $150.
Go visit you local bike shop (LBS). I'd bet a good shop could get you on a new hybrid, with racks, fully tuned, up to date, and ready to roll, for less than the total/real cost of that Panasonic. If you want more hand positions, there are bar ends you can get to clamp on the ends of flat bars. Or save a bit more and buy a loaded touring bike -- they start around $1,000.