I was never successful at dealing with my girl's lipomas. I now think that they have something to do with stagnation, and curcumin comes to mind, but I don't know.....
The panting, that's so hard, there can be so many different reasons. In most dogs, it's probably nothing incredibly serious, though with a nasal tumor, that might be a very likely reason?
My GSD Max had a lot of panting problems. Some I think were from a hormonal reason (when he was really sick, all his values were out of wack, thyroid, cortisone, parathyroid probably too since calcium was off). Another reason can be if it the blood vessels are dilated from systemic infection, say tick disease, pathogenic e.coli, etc. It's a bit like sepsis, and they can't pump blood to where they need it, according to the internal med vet.
I wonder, when she is panting, can you hear something that sounds like a stuffy nose, which would point to the nasal issue?