The problem with completely 'freezing' action is that it then doesn't look like action! You need a bit of blur in the wheels, background, pedals/legs etc. to make it look like an action shot.
I was going to suggest 1/125 as a good starting point and from the looks of PPs pic above that looks OK, but he has used an off-camera flash.
From the sound of the min shutter speed option in your camera, it won't necessarily use that shutter speed, but as you mention it will allow the camera to slow the shutter down to that value before upping the ISO. Perhaps set that to 1/125 as a starting point.
With respect to panning, it is a good technique to practice. You need to pre-focus on a point that is the same distance from the camera as the cyclist will be as they pass. Then hold that pre-focus until they are in your focus area. You need to get the camera moving before that point and then once you've pressed the shutter, keep the camera moving….it's a question of erm, following through.
If the subject is coming towards you then you either need to set the autofocus to continuous, although it might not keep up or pre-focus again and snap them at that point with a high shutter speed.
It might be better to zoom out slightly and crop the image later, as the subject won't move through the frame as quickly if you are zoomed out and your cameras auto-focus might have a better chance of keeping up.