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Your modules will not initially show since they are all in positions that are not in Gantry (Left, Right, etc) so you will have to reassign them(sidebar-a, sidebar-b). They will keep the same assignments to menu items though.
You'll probably do slightly better in the search engines since your new template will be source ordered.
How big of a job depends on how big of a site and how many modules you currently have set up.
Take a back up of your site using akeeba, and install that on a development site or subdomain. Install Panacea on that. When you are happy with how it is, do the same thing in reverse order.
And I miss O'ahu! Duke's on a Sunday, Diving the warm waters off Waianae. Most of all seeing the Ko'olau's and Kane'ohe Bay from my deck every morning!
Very Jealous! Lived there for 7 years and have been gone for 5!