I wonder if the network card isn't supported properly for VIMAGE... seems that the OP has done all the right things, and if it's still panicking then I'd start thinking hardware. I have an Atheros card with 3 antennae and it will panic my system hardcore as soon as hostapd starts. It doesn't not matter the RELENG either, STABLE, RELEASE, 8/9/10... doesn't matter. I never have figured out why either, but anyways, let's have a look at the network card information. Paste the output of ifconfig -a please.
PS, yes I know RELENG 10 is not RELEASE yet, but I think the idea is still clear ;-)