It is so the best way. Just use the dough cycle for 2 hours 20 minutes. And leave to ferment for 8 -12 hours or more - 24 in a fridge is good as long as you let the dough warm up before you shape and bake it.
The Panasonic is one of the better makers but it is a joke compared to crafting by hand and using a Dutch oven.
It's sad bread makers can't do better but it is just a fact. And the overhead of a Dutch oven and long ferment is bugger all.
The hardest part of decent bread making is hand cutting the loaf. Really.