But, since the device is going to be deployed in a 24-7 environment, I figured it might help to reboot the system in case of a kernel panic rather than having it sit around since the privilege of console access is not affordable.
The solution, configure /etc/sysconfig.conf :
kernel.panic = N # to reboot immediately
kernel.panic = 5 # to reboot after a 5 second delay
You will notice the change in /proc/sys/kernel/panic, which means, you can change this at runtime by doing:
echo 5 > /proc/sys/kernel/panic