To do the update to Panther, the only really recommended way is to perform an Erase and Install. Basically erase your entire HD and then start the whole process with just Panther and then re-install all of your software.
I spent three days doing it nice and slow and it was fine until someone updated my system to 10.3.3 without asking. Stop your updates at 10.3.2 and you should be good to go.
Walter Biscardi, Jr.
Owner/Creative Genius, Biscardi Creative Media
http://www.biscardicreative.com
G4 DP 1.25 w/CineWave 4.5
G5 DP 2.0 w/CineWave 4.5