How to create dynamic panel column content?
By "dynamic", do you mean "only that panel pane changes and the page doesn't reload"?

If so, check https://www.drupal.org/project/jquery_ajax_load and this tutorial http://www.stevepolitodesign.com/blog/load-content-drupal-ajax-without-coding .

If you don't need that functionality, then enable the panel page that overrides /node/%node and put your fields in the left side and your menu in the right.