No, he wasn't - Panesar ahead of Anderson would've been better for the First and Second Tests, too, and that'd have done damn-all to change the result of either, as well...
Unless, of course, you think Panesar could've got something out of two of the flattest pitches in history (until the cracks started assisting the seamers at The 'Gabba), which he patently couldn't have, because he's a mortal fingerspinner.
No amount of ingenius selection was going to give England a chance in that series, probably even with Trescothick, Vaughan and Jones available, and certainly not without them.
Therefore, blaming the selectors (whoever they be) for any one of the losses shows cricketing illiteracy.