Golly, Frank, I would hate to think of a Panoram sitting on a shelf - they are made to take pictures and do a fine job of it, especially the early (no letter) model 1 with its RR lens. The later models 1 B, C, & D generally have a meniscus lens, but still do remarkably well.
I googled Kodak Panoram, hoping to find out more info about the camera, maybe articles on repairing them and/or a collector/user group but found very little that was helpful. So, at this point I just hope someone reads this thread who knows a lot about Panorams and repairing them - or who can steer us to a collectors organization or an individual who can mentor us.
I have one of those yellow Kodak envelopes that contains an 11 x 13 1/2 "photo chamois" (#KP 24040-1)which is wonderfully soft and pliable, about like silk. It is real chamois leather, not that fabric or felt-like stuff that some call chamois, and it would make a great replacement bag bellows for your camera. I don't remember where I got this chamois, but I guess one might find it in a shop that carries photo processing supplies (or on Flea Bay).
In the "meanwhile, back at the ranch" time, your refinishing and polishing the cherry wood sounds like it will result in one beautiful camera. I might do that to mine as well, as the leather on it is missing in places and in bad shape everywhere else.