panning = yea probably. its best to pan tracks for the entire song.

EQing= depends. i generally loop a section where i can hear everything, single things out out and EQ it all seperately. but it depends on whether you want the whole song to have the same EQ settings all the way through or not.
EQ stuff in the mix, not on its own.
Mixing is about MIXING multiple tracks together to make it sounds coherent, not about making any one track sound amazing.
Mixing is all about compromise. You may love the guitar sound you've got going on but you can't hear the snare, so you cut some mids on the guitar to hear the snare more. You cut more bass from the guitars than you usually would to let the bass take care of the low end, etcetc.
You end up doing fairly unconventional things to instruments in a MIX that you wouldn't do to the instrument on its own, because the point is that it should be percieved as one whole mix, not a good guitar sound with some drums tacked on.
And what may sound good in a mix may sound ****ing terrible soloed.
Don't go mixing with the mindset of making individual parts sound like **** for the entire mix's sake, but just realise that you should mix a track as a whole, rather than soloing tracks to work on their own.
As you gain more experience you'll know when it's the right time to solo tracks for EQ'ing.
For exampleeee you want to find the frequency that's causing the guitar's low end, so you solo it so you can listen more intently, then unsolo it so you can hear how that sounds in the mix context. But generally, you want to be mixing with nothing soloed.

Hope that helps.
Yea, EQing and doing FX while solo'd will just take you around and around in circles. You might EQ something solo'd if you're trying to do a surgical cut to get rid of a nasty freq, or possibly if you're trying to hear where a high-pass or low-pass starts having an effect on a track, but generally, you want to make changes in the context of the entire mix.
I used to try EQ with everything else thrown in. Complete mess. What you should do is pick the main part, EQ that to improve the sound, then play it with the 2nd most important part, EQ that to fit in with the first, then move on to the 3rd part etc..