Organizing a conference panel?

[Pleiades]

I am a first year history Ph.D. student (straight out of undergrad) who has been contacted by a professor from my undergrad university asking me to help organize a panel for a city-wide consortium next April. There is another alum of my old uni in my grad program who has helped put together a panel for this conference before, so this prof wanted me to do it with her, but she'll be too busy with her dissertation to help out with this. So now I'm in a weird position where I haven't even GONE to an academic conference yet but I'm being asked to organize a panel for one. I don't want to burn bridges with this professor and turn down what might be a great opportunity, but I also don't know what to do - mostly because I don't even fully know what this will entail. I'm going to email him and ask for more details before committing to this, but I wanted to post a thread to ask whether any of you have experiences organizing panels at conferences. I should add that I believe the consortium encourages presentations from current grad (and even advanced undergrad) students, so I suppose I could possibly get some of my fellow grad students to present from my program.

What do you think about my situation? Does agreeing to this sound like a bad idea, or am I being needlessly hesitant? What are your thoughts on organizing conference panels?