I trust CM for really short connections even succeeded with one that was only 15 minutes due to a delay. Would I want my luggage in PTY airport for 23 hours? No. With CX in HKG, sure? And I have done that and done that out of BKK with an overnight connection (that was leaving less than 24 hours from my arrival).

I think they will view this as a stopover well over the maximum time allowed to check-in which is probably 3 or 4 hours. E.g. if you showed up at 7:30 pm today to check in for tomorrow's 6:30 p.m. flight I doubt they'd do it.

You can ask in MGA what they will do but be prepared to carry luggage around as you explore. They are pleasant and speak great English and unless the computer stops them which I think it will, then they might need to be told it actually is not a stopover. They might assume you do want the luggage in Panama so I'd be explicit in case they assume wrong and the computer allows it.