Compatability;
Wheels, the touring frame will be spaced for a MTB size 135mm hub and an Audax frame for the 130mm road size. Some steel frames are built 132.5 to accommodate either, it's possible to reset other steel frames, Aluminium frames are best used as intended. Your touring rims are probably best used with tyres no narrower than 28mm, that's not a bad size for Audax if the frame can accommodate them. Some, like the
ribble won't. Your touring wheels will also be quite heavy, lighter wheels and tyres will make more difference than the frame.
Mudguards, if you have wide ones they may not fit a frame with tighter clearances.
Brakes, you'll need dual pivot brakes, an Audax frame won't have the fittings for cantis.
Front mech, the band is sometimes specific to the diameter of the of the seat tube, other's have a cam for adjustment.
Seatpost may not fit.
Weight, if you move everything over you're not going to save much, frame only makes up around 20% of the bike weight. Worth changing for size, though if it's just a bit out you could look at how to change position, (Stem. bars, seatpost) to get it right. An Audax frame will feel sharper, and handle faster though over the length of an Audax the time advantage will be minimal. I have a lovely Ti Sportive and a Tank of a Thorn Rohloff, the difference over 200k will be less than 30 min, I could easily make that up by being more organised in controls. Though noticing you're in Devon, the hillier the ride the greater that difference will be.
If the Panorama is tidy, it might be worth selling complete and starting afresh, worth doing the research.
