Interesting idea.
I like Kyle's idea of having one member from each of the Dev League sides. That's five sides so there shouldn't be a problem with 2-2. I also think that any player involved should have a clean record, as I think it would be detrimental to the panel's integrity if players who are already known for bad behaviour are involved.
As for ideas for what not to do...
Misconduct - Swearing (****)
Misconduct - Streaking (when a player removes his or her clothing in a way unbefitting of a cricketer during a game)
Misconduct - Dishonesty (when a player misleads an umpire or other person of authority in a way which directly or indirectly affects the outcome of one or more cricket matches, or directly or indirectly affects the outcome of a hearing)
Misconduct - Accusation (when a player accuses another player of breaking conduct without justification or any form of evidence)
Harrassment - Incessant Banter (ie, banter is okay, but if someone requests it to stop, it should stop)
Harrassment - Insults (direct attacks, which should not be confused with banter)
Harrassment - Physical (when a player goes to the house of another player and beats them half to death)
Cheating - Matchfixing (when a player secretly affects the result of a match in a way which does not abide with the laws of the game)
Cheating - Sabotage (when a player causes another player or team to be at a disadvantage in a way which does not abide with the laws of the game)
Cheating - Advantageous (when a player causes a player or team to be at an advantage in a way which does not abide with the laws of the game)
Punishments, depending on how serious the breaking of conduct is, could include warnings, match-bans (can last more than one match), season-bans (can last more than one season) and lifetime bans (can last more than one lifetime). It could also be made mandatory in some situations for a private or public apology to be made to officials and/or other players.