What is the most effective method for handling a multi-person panel interview? Is it acceptable to jot the questions down to be sure you cover in detail?

Some tips:
Listen very carefully to the questions, and try to match them to the statement of qualifications in your mind. This usually is not hard to do and will give you valuable clues as to how to respond.
If you do not understand a question, ask for clarification.
Do not read anything into the reactions of individual board members. Generally they take copious notes on good answers and on bad.
Keep eye contact with the person who asked the question, and answer that person. When you have finished, look at the other board members and smile.
If given a choice, ask to be interviewed near the end of the schedule. The person interviewed last is the most likely to be hired.