I have tried this exact route, and here is my findings. The lens have to be quite small while still covering 6x12, and here are the two successful attempts. In this case, all you need to do is to remove the original lens/shutter module and slightly enlarge the mounting hole. Both are mounted on a M42 focusing helicoid. I would probably skip those modern 90mm f8 lenses: they are way too big to fit without major surgery to the Holga 120 Pan.
My initial setup: Wollensak Extreme Wide Angle 90mm f/12.5. Decent coverage, reasonably sharp when stopped down. And the Alphax shutter is self cocking, so you can shoot like the original Holga 120 Pan.
The final setup: Schneider Angulon 90mm f/6.8. Good coverage, and a bit sharper. I was lucky to find it in a modern shutter, but it costs a bit more than the Wollensak. I like this setup for its size, weight, quality and overall balance for a P&S 6x12 camera.
If you want something cheap and cheerful, PM me if you are interested in the Wollensak EWA 90/12.5 with the focusing helicoid. It has been tested on the Holga Pan 120, and I'm not using it any more. You can find photos from both cameras here:
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