A lot of the back waters near Red Wing do not freeze very well. The ice can be very shaky. I would not venture on the back channel as it rarely ever has good ice. Goose Lake can have good ice but because of the numerous springs it can be a dangerous place to venture.
That being said panfish can be had at both harbors of Bay Point in Red Wing. I say both harbors because, even though the upper harbor get most of the ice traffic, there can be some very good fishing in the other harbor (the one with the boat houses). On occasion there is good ice fishing in the bay that has the boat launch at Colville Park.
All in all I think your time may be beter spent exploring farther south near Wabasha for pannies.
My two cents.