A little bit of random info, here:
According to fan lore, "glomp" is an approximation of the sound emitted by an anime character executing a flying tackle-hug on an unsuspecting target.
![Wink ;)](https://www.kumoricon.org/forums/Smileys/default/wink.gif)
Whether or not the sound is accurate is debated, but at the very least it's fun to say, so it caught on.
The main problem is that while anime characters take it in stride, real people sometimes HATE being hugged without warning. There's also a small (but real) risk of injury.
I've heard a particularly frightening horror story of a (female) cosplayer who got a running "glomp" tackle from a 300+ pound fangirl that landed her in the hospital with a broken rib. o_o;; She says she never went back to that particular convention, and the glomper was banned from returning. I don't mean to be at all resentful towards overweight fans, but at some point the physics of the human body have to be taken into account. Even with normally-sized people, your glomp target may be frailer than s/he looks.
If you ask for permission, though, it generally solves such problems. So no worries. ^^
As for a panel, I'm willing to bet you'll get a positive response from staff. Hmmm... low-risk programming content that requires no special equipment, no setup time, and can be held practically anywhere? Those types of panels are generally pretty welcome.
![Wink ;)](https://www.kumoricon.org/forums/Smileys/default/wink.gif)
Whoever runs your panel may eventually need to sign up for a panelist badge (assuming they aren't already staff), but otherwise I think you should go ahead and ask about it.
P.S. -
Your sign reminds me of a couple of Ranma 1/2 cosplayers (one of them in a panda mascot suit) who wandered the halls of Sakura Con with a sign that read "FURII HAGU (Free Hugs)". Corny romanization aside, it was cute and pretty well-received. ^^ I think a sign that said "Free Glomps!" would be equally well-received.