Because panos are segmented, you can do some of this but not everything will move with the learner. I think a lot will depend on how you have your content set up and how you use it.
If you have content assigned to a learner and move them to a pano, the content comes with them, so they won’t see a difference, but the history of the content (reporting and data) stay where they happened. If you have interactions in your content between learners and trainers, that communication piece will break when you move them.
if your content is more static, it won’t make much of a difference to the learner at all.
I would recommend setting up a test learner, going through your content and then move them to see the full extent and what happens.
And, if I am remembering correctly, you won’t be able to bulk move them to a new Pano….you’ll have to move each user individually.