Use token1 for multi select 1 and token2 for multi select 2. Then use $token1$ in panel 1 and $token2$ in panel 2.
You changed your question :-P. So now the answer is no but yes maybe.
You could make it display 2 panels all the time but only populate the 2nd if more than one was selected. Would be tricky though...
Panel 2 search
...| eval panel2bool=if(match($token$,".*(OR|AND).*"),"1","0") | search pane2bool=1| ...
If your token had OR or AND (as typical multi select tokens should) then panel 2 could populate. Otherwise, panel 2 wouldn't populate.