yes, Channel Tools driving a couple of compressors, a couple equalizers, and a couple delay lines would do the trick... and if that's too much then you can do the same thing with five channels<G>!
It is probably best, if you are just getting started with Mid-Side processing, to just work with mid and side, but if you want to stretch a bit try processing L, R, Mid, and Side individually. You can create some really cool effects!
Don't be afraid to try ANY processor with a Mid/Side processor, including (especially?) reverb.
aside - (many!!!) years ago I built this goofy reverb out of half a dozen springs and half a dozen digital delay lines. At the time digital delays were still a bit on the noisy side, and this thing wasn't terribly useful, too much noise buildup, but it could create some bizarre sonic images! I have to find the old drawings, I can't remember exactly how I routed stuff, but essentially I had discrete delay and reverb for left, right, mid, and side, as well as additional discrete delay and reverb for the resulting left and right channels, and it sticks in my mind that I had an additional delay/spring reverb for a final center channel.
It was a beast! Some of the springs were just spring boxes I bought from PAIA, some were MasterMix reverbs that included rudimentary tone controls. Eventually I added inserts for each path so I could patch in equalizers and compressors, but at the time I didn't own enough of either to actually try it!
Another trick, which you don't see used a lot any more, is adding some inverted opposite channel information, add inverted left to right and inverted right to left - not unlike some of the Mid/Side processing tricks, but a quick way to place sounds outside the loudspeakers!
None of which takes anything away from Panther!