Each of my HDR panos is 5 images deep, that is, 5 bracketed shots -2, -1, 0, +1, +2 stops each and usually 3-5 frames across.
I merge each 5 exposure frame into a single HDR image in Photomatics. I tone map that frame and leave it on screen whilst I prepare the next 5 exposure frame, which I then tone map alongside the first, so that I can balance the two frames together. I continue like this until all the frames of my panorama are now merged into single tone-mapped files which match as closely as possible in colour and tone. Once I am satisfied with the resulting tone-mapping, I then export the files as 32 bit tiffs and merge them to a single panorama. I will then tweak the panorama in PhotoShop until I am happy with the result.
Dovestones and Ashway Gap from Alderman
Knowle Top Farm, Greenfield
What can I say? It works for me.