I don’t recall a limit, but it’s possible. In Panorama 6 there is definitely a limit on the total size of the procedure, it’s around 28k. So you may be running into that.
That’s the theoretical limit (2^15), but don’t ask me how I know that the real limit is several kilobytes lower than that. (This limit is in Apple’s code, not Panorama’s.) Fortunately, this limit no longer applies to Panorama X.