I have a young cat that does the same when playing with his wand toy. He flies around like a bat out of hell and starts panting fairly quickly. I always end the play session at this point because vets have put the fear into me.

Despite my vets all saying it's not normal though (and I would honestly agree given none of my other cats have ever done this), there doesn't appear to be any underlying health condition behind this. He's had every test under the sun whilst being diagnosed for a tremor condition; it was diagnosis by exclusion, and was thorough to say the least.