There is always more time after the panel to make a connection. Decide whether you feel more comfortable sitting or standing. Even if everyone else has been sitting, if you feel more comfortable standing, do so. Likewise, if you feel more comfortable sitting, do so even if everyone else is using the podium. Use a written-out script and an outline.
Most people find it best to memorize the introduction.
If all goes well after the intro, you can move onto the outline. Don't ever read your presentation. If the script is longer, then one will inevitably read too fast and lose the audience. Keep to your time limit. It is rude to other panelists to go over the allotted time.