I use panel labels and eval() quite often.

Here's is an example of panel label content defining 2 fields and a function.

var toReturn = {};
toReturn.field1='Hello';
toReturn.field2='World!';
toReturn.doSomething = function(){return (this.field1 + ' ' + this.field2);};
toReturn; // eval returns the evaluation of last statement which is the object you to return. See Mozilla documentation.

// Now, use the thing.
var evaluated = eval(CF.widget(tags to get to panel above).label);
System.print(evaluated.toSource(););
System.print(evaluated.doSomething());

Note that you can assign null to evaluated variable and all evaluated stuff is cleaned up.