I found a thread about the possibility of debugging over bluetooth, but there was never any conclusive answer.
Well, here is an answer:
Yes, it is possible.
I connected a custom bluetooth module to COM1 on my Panda, after configuring the bluetooth module for 115K baud and my Panda for serial debug, and it works! I can program/debug via VS2010 and I can ping it via MSdeploy…
The only poroblem is that I’m overloading the 3.3V rail on my Panda with all my add-ons, so I will need to beef up the 3.3V regulator…