Yes, "panentheism" makes sense to me, as well.
I was wondering about the "ego". Sometimes it sounds like you are equating the ego to the small c consciousness. I kinda see them as two different things.
Seth/Jane Roberts said we have an "outer ego" and an "inner ego". The small c might be the "inner ego".
There is also the big "S" Universal Soul and the small "s" personal soul. The small c might be the same as the small s. -- So it would be something between the ego and the Soul.
Just some thoughts....