You need to find the answers to several questions to make an informed choice:
- Is Hugin’s Panorama Preview window buggy for HDR panoramas?
- Does Hugin or Luminance HDR produce buggy HDR files?
- Which program handles ghosting better?
- Does Hugin handle blending multiple layers of bracketed images as well as it handles a single layer of images?
- Do you have enough RAM to load all bracketed images and find control points between them?
- Do you have enough RAM to load a stitched HDR panorama (i.e. huge image)?
- Do you have enough RAM to tone-map a stitched HDR panorama (i.e. huge image)?
- Are you using a global tone-mapping operator or a local one? i.e. if you tone-map a view of the ground, and separately tone-map a view of the sky, will the two views look anything alike and still be stitchable, or will your tone-mapping operator only produce a usable result if used on the already-stitched image?
- Do you really want to tone-map, or just enfuse, or manually merge using luminosity masks in GIMP?
The answers will depend on your system, your program versions, your image sizes, your image count, and the time that’s passed since you took your last holiday.