Controlled panic lets you configure wimpy so you’ll flee in a specific direction, rather than randomly. This skill would be useful if you could tell it to automatically take you back to the room you just left instead of having to manually configure it, but you can’t, so it isn’t generally much help. The only utility to this might be if a party leader was worried about going link dead and no one else in the party could take control in that event.

The ingame help reads:

Skill duration: random.
Type of skill : neutral skill.
Affecting stats: None.
It uses no endurance points.
The most stressful time any adventurer finds, is when 
it is time to flee. Running can often give true meaning
out of the frying pan and into the fire. Any good tactician
plans ahead of time and gives himself a safe escape route.
Of course, even the best of plan can be forgotten when one
is in the heat of battle and on his last breath. Discipline
and training can often help one remember which path is the
way to safety when death is on the doorstep.

Usage: wimpy dir <direction>