It's great that you are going to quit!
About your concerns: NO
, I don't think there are any health risks by quitting (especially cold turkey). I suppose you could maybe damage your lungs if you cough too much hard?? (do NOT quote me on that,just a guess). I really dont think so your lungs are continuously healing after you quit, it would be sooooooo much worse if you were smoking and coughing and ruining your lungs that way. Its clearing out your lungs from all that stuff from the cigarettes,therefore making healthier. Drink lots of water and dont overdo it just give yourself some "downtime" to heal. It will be just fine.
As for the panic attacks I know people can get emotional and/or depressed for awhile after they quit. It gets so uncomfortable when you want that smoke so bad and are trying so hard to fight it. If you are well prepared for the quit these will pass quickly. Maybe talk to your doctor if you are prone to these.
Because you are a light smoker you probably wont get hit very hard with all the withdrawl symptoms you are worrying about.
I dont know if this is true but I heard that "no one ever died by quitting". I believe it, and no matter what could happen by quitting(which it probably wont), that smoking will only make it worse and that's a fact.
I hope I can put your mind at ease I had similar concerns and was a somewhat heavy smoker and everything turned out fine for me(comming up on 7 months smokefree). I honestly dont think anything dangerous can come from such a wonderfull thing. I know of some websites I will post tomorrow after I wake up (Im so tired right now my fingers are falling asleep *laugh*) that will help answer your questions also.
Good luck with quitting please let us know how you are doing!! When's your quit date?