In my test it didn't actually hang, but it did give that appearance. If I just ignored that spinning wheel, I could dismiss the alert and try again.
Working with a laboratory computer, that hadn't run Panorama X before, this is what I got.
Dismissing the alert, and selecting "Dialectic" from the menu, I got this.
Dismissing the alert, and selecting "Dialectic" again, I got this.
Next, I tried email.
Dismissing, and trying "Apple Mail"
Dismissing and trying "Apple Mail" again.
If channel preferences have been set before, it skips over the module does not exist error, and begins with "Cannot set parameter 3 value."