The Receipts folder is only there to hold the Receipts for anything that was installed, including updates. Software Update uses these receipts to determine if you're up to date with everything that Apple supplies. Also, other third party programs use receipts to keep you up to date on their programs.
Say you were having a problem with a program that you had updated and wanted to try using the update again, you would go to the Receipts folder and trash the Receipt for thatprogram and use Software update again.
Of course, besides just letting Software Update do the updating, you can also save any updates to your drive for future use.
In any case, removing recepits won't do any harm other than screwing up Software Update.
And No, it is not necessary to remove BaseSystem.pkg. before reinstalling Panther.
On that note, if you should have a reason to reinstall Panther, too many problems that you can't correct, etc, you would be much better off backing up anything you can't replace, then wipe the drive and install from scratch.