Dan
#!/usr/bin/tcsh
/usr/bin/gnome-panel & /usr/bin/gnome-wm
Does it work if you switch these around and move the ampersand to gnome-wm, ie:
/usr/bin/gnome-wm & /usr/bin/gnome-panel
I have a vague recollection that logout might work by waiting until the xsession script finishes, which in your case, it doesn't because it is waiting for the gnome-wm process to finish.
Anyway, nothing to test this on, so just ramblings :D.
Rob.