It could be a lot of things including the thrust bearing in the engine is gone and the crank is moving around.
If that is what is happening, in a Pantera this is even a worse case scenario because of the very close clearances within the bellhouse to the clutch assembly.
If the clunk is happening in relation to engaging and releasing the clutch, bet on it and if you let it go any further, you could be looking at a minimal $7,000 to rebuild the ZF, plus a clutch, plus a bell house (if you can find one) plus the labor for all of this.
You may luck out and it might just be the U joints on the axle shafts but you need to put the car on a lift, run it in gear, and watch what is happening.
If they are really bad, you might be able to feel them loose by hand without running the car.
The original u joints were notorious for early failure. As early as 30 or 40 thousand miles.
I wish you the best of luck on this one.