Well I agree this is a wonderful panel to receive!!! Me personally I would hand quilt with some "echo stitching", and thus foregoing the sewing machine. You would have more control and manuveriblity (sp.?) that way. I think with a nice thin "Warm & Natural" batting with a plain muslin back would make it a wonderful wallhanging. A couple of ideas that might put in it the "pro" column is:
1.) If hand quilting, you can take with you to appointments to work on as you wait.
2.) Handquilting is portable. I do lots of hand stitiching in the van as most everything is close to an hour away from me. Helped me finish 8 UFO's that way and hand piece some pre-cut tulips together for an queen size applique quilt.
3.) It will keep your lap warm during the winter as you work on it.
4.) You can work on it while watching Tv in the evenings. You would be surprised how much you can get done as you "listen" to the Tv and spending time with the family as you can take it to the room where everyone hangs out together.
5.) You get the extra satisfaction of doing it by hand. Hand Quilting is another skill to add to your "treasure chest" of "preservation" of an art form that is not seen as much as most like to long arm or machine sew their quilts. It won't matter how many stitches you start with in an inch just that they be close to even in length.
Well those are my thoughts.... hope they help you in your decision making.
Tricia