Heat oven to 375ºF (190ºC).
Heat a medium skillet over medium heat, add 1 tablespoon of the olive oil and heat through. Add the shallots and sauté, stirring occasionally, until tender and soft, about 5 minutes. Remove from heat and set aside.
Add the shallots, cream cheese, sour cream, Cheddar cheese, and Old Bay® seasoning to a bowl or the bowl of a stand mixer fitted with the paddle attachment.
Mix with a spoon or on low speed until completely combined, about 2 minutes. Add the lobster meat, using a wooden spoon to fold the lobster meat into the dip, saving a few pieces to garnish the dish before serving.
Heat a medium non-stick skillet over medium heat, add the remaining olive oil and heat through. Add the butter and allow to melt then stir in the Panko and cook, lowering the heat to medium-low. Stir or shake the pan frequently, until the breadcrumbs are uniformly golden brown, about 3 minutes. Set aside.
Scoop the lobster dip into a 9" baking dish and top with the Panko. Bake until the dip is golden brown and bubbling, about 25 minutes.
Top with remaining pieces of lobster and serve with crostini, RITZ crackers, bread and/ or fresh vegetables.