I`m answering my own question here !!
I`ve just taken delivery of this HCS system. The guy came over today from the TV shop, (not bloody Curry`s or Comet but a proper TV shop!), to deliver and set up the new TV and HCS. He also connected my old VHS and Sky box, (which is getting replaced soon with Freesat). He did all this for free - unlike Comet!
I have had a chance to tinker with it since. I just thought I`d try a couple of the DVDs that I have in my vast collection that I know are Region 1 and guess what - they run without having to modify anything!
So there you are fellow forumers - no hack needed for the Panasonic SC-PT460EB-K Home Cinema System - it`s already region free - well mine is anyway!