Yo, Tim... congratulations on getting the bike home and beginning the process... as I read more comments from you I can tell you are going to have a whole lot of fun with this one.
Regarding the pannier... first of all... you may be able to dive into the mechanics of this issue but I strongly suggest you go really slow. The mechanics of the latch are fairly complicated with lots of "fiddly" parts. Be careful
There are many reference on this subject and a google search is your friend. Also you need to get familiar with the Parts Fiche from several parts suppliers... that and you will also want to learn about Beemer Boneyard. They are great guys who will supply maintenance packages (of parts) at very reasonable prices.
Here... this will introduce you to the parts fiche:
MAX BMW Motorcycles - BMW Parts & Technical Diagrams - R1200RT 05-09 (K26)