In practice I think you would pick the widest aperture you planned to use, and adjust the focus for the hyperfocal distance. i.e. slightly extended from infinity. Since most panoramics are not close-ups (I'm sure there are exceptions), you might want to have a slightly adjustable lens position - hyperfocal for various lens apertures - for maximum utility.
My low-end medium format rotating lens panoramic uses a hyperfocal setting and small apertures successfully. But you do not enlarge panoramics very much!