I have had the same problem with editing with PS.
I suggest making the changes in the original pano. I use .tiff format until I am happy with the pano. Then sharpen and compress to jpeg. I uise save for web option and usually compression setting of 8 gives a good result with about 1mb file sizes. Try to google it as this is a very common problem. If you stay with .tiff in your workflow until the end you will not have to deal with it again.
Sorry I could not be of more help.
DaMan
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