How you would finish it, would be different as to what the panel is.
How small/large? One panel as a medallion? Or several that go together?
Last week I saw a lovely set where there was a large medallion for the centre and then several smaller ones (about 16"square) that you would also work into a quilt top with the large one.
So there really are no "rules" ... and the possibilities are limited to what panel you create and your imaginations!
Get the panel first and then let it "speak" to you as to what you might do with it.
P.S. Some of the newer panels have pattern directions available as to how to turn them into a quilt. Ask when you are purchasing, if they have some available ... and/or check on the manufacturer's website, as oft times the stores do not have what is on the site.