Although i'm not familiar with Panorama mode enough to provide you suggestions I can tell you that if you plan to upgrade your Panorama to PAN-OS 9.0 you would probably want D5_v2 size For Panorama functionality questions you will want to post those questions in the general forum as Panorama is not included in the VM-Series category. But here is the Panorama admin guide which has information on sizes and config. Hope this helps
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