I thought this as well however at the surface I always check for pressure fluctuation while inhaling. At 3000psi at the surface I had zero gauge deviation. Can a partially opened valve fluctuate at depth but not at the surface??
Yes a partially open valve could behave just like you describe. As the pressure became less in the tank the hoses were not refilling quickly enough and the bounce on the spg started. The problem could be tank valve or first stage of the reg but most likely you did not have the valve opened all the way. Next time you see the gauge bouncing reach back and try to open the valve on the tank you may fix your problem right there.
The panic feeling was probably not helped by the increased resistance to breathing with resulted in a CO2 buildup and this causes a air starved or panic reaction. You did do a good job in recognizing that there was problem and starting a controlled ascent.