Tom,
With respect to the panics you are experiencing, you may want to verify that you have the following parameter set in the /etc/environment file:
AIXTHREAD_MNRATIO=1:1
Support can give you the specifics, but I know that for AIX 5.1 or greater, this parameter should be set. We had issues with sporadic panics, and this resolved them.
Hope this helps.
Jim Cobane
Henry Ford Health