Endless panic, finding machine tool (5)
I believe the answer is:
lathe
'machine tool' is the definition.
(lathe is a kind of machine tool)
'endless panic' is the wordplay.
'endless' means to remove the last letter.
'panic' becomes 'lather' (as in a phrase like 'in a lather').
'lather' with its final letter taken off is 'LATHE'.
'finding' is the link.
(Other definitions for lathe that I've seen before include "This is turned out" , "Means for turning" , "Turning implement" , "Turning device" , "Turner's machine" .)