As far as i understand, bmap_process does not add shaders to bmap, but render shader on it (target map). That means some shader effect will not work if you use panel.bmap for source and target at the same time. You can simply test it;

Code
///////////////////////////////
#include <acknex.h>
#include <default.c>
#define PRAGMA_PATH "%EXE_DIR%\templates\images";
#define PRAGMA_PATH "%EXE_DIR%\samples";

//bumpmap for wave
BMAP* bump_map="rock.tga";
MATERIAL* test_mat =
{
	skin1=bump_map;
	
	effect="
	texture TargetMap;
	texture mtlSkin1;
	sampler2D Map1 = sampler_state
	{
		Texture = <TargetMap>;
	};
	sampler2D BumpSampler = sampler_state
	{
		Texture = <mtlSkin1>;
	};
	float4 vecTime;
	float4 PIXEL_S(float2 Tex:TEXCOORD0 ):COLOR
	{
		float2 BumpText = tex2D(BumpSampler, float2(Tex.x,Tex.y-0.1*0.1*vecTime.w)).rg*2-1;
		Tex += BumpText*(0.01f);
		float4 color = tex2D(Map1,Tex);
		return color;
	}
	technique testtech
	{
		pass p1
		{
			PixelShader = compile ps_2_0 PIXEL_S();
		}
	}";
}


//sourcemap
BMAP* lite_c_logo="logo_800.jpg";

//panelmap (targetmap)
BMAP* panelmap="logo_800.jpg";
PANEL* testpan =
{
	bmap=panelmap;
	flags=SHOW;
}

function main()
{
	fps_max=75;
	video_mode=9;
	video_screen=2;
	video_set(800,600,32,2);
	wait(3);
	
	//Need this. Otherwise vecTime doesn't work.
	level_load("");
	
	//convert rock.tga to normalmap
	bmap_to_normals(bump_map,10);
	
	while(1)
	{
		//render lite-c logo on the panelmap with shader
		bmap_process(testpan.bmap,lite_c_logo,test_mat);
		
		//render panelmap on the panelmap? This will not work.
		//bmap_process(testpan.bmap,testpan.bmap,test_mat);
		
				
		//This will not work either.
		//bmap_process(testpan.bmap,NULL,test_mat);
		
		wait(1);
	}
}