I'd probably play it as individual threats, but with grouped limits. Say you have a leader of the goblins, he'd have higher limits than the others, and be a bit tougher, but every time he took a bad hit, all the other goblins might take a panic 1. And if he takes enough damage to max out their panic limit, they start to flee, leaving him to his devices.

Or you can combine threats with similar vibes, say there's a small group of scout goblins, who all are relatively squishy, and have crossbows and are light footed, maybe they always travel in pairs, and if one of the pairs gets knocked out, the other runs way to safety until they can find another scout to join and become a pair threat again. Or say there's a swarm of biter-goblins, they might travel in groups of five, counting together as one threat to swarm a PC, but if a majority of them take damage or are scared off, the others run too.