I'd pick the second one of your suggestions. The OP didn't mention how large the panel is but if it's too big for his table to slide horizontally then it might be too big to run over the bit vertically too. I usually try to do as much router work as possible on my large table but for some things I find I just have to use the router hand held. In this case using the router hand held with the router's guide fence, as you suggested, is the easiest approach by far. No feather board, tall fence, no struggling to keep the panel tight up against the fence. Yet another fine example of why I'm so glad I made my table larger than average. Why make a small table? Works for me anyway.
Bruce |