I had to do a fresh install of OS10 Lion to get rid of the parallels related panic crashes with Paragon. I had upgraded from Snow Leopard and had permissions which could not get corrected on the system partition. I suggest you check your permissions, try to correct them, if you can't (verify after correction, mine were not corrected) there is a hidden option in the recovery partition to correct them while the OS is not active (see
http://osxdaily.com/2011/11/15/repair-user-permissions-in-mac-os-x-lion/).
If that doesn't work, try to backup your user files and do a fresh install of Lion. I had to correct a few parallels files after the OSX Lion upgrade and it seems it doesn't really like not starting from a fresh system.
Another thing I discovered is that if you want, like me, to mount NTFS partitions in a second internal HD in optical bay as data drives for bootcamp, you can do so by adding the hard drive in the VM configuration as a bootcamp type. Select the physical drive, check the partition(s) you want to mount, and the drive will be mounted natively in the VM. Parallels can then read/write to it without Paragon being enabled.
So I now disable Paragon except when I need to use it momentarily (ie to format NTFS partitions using Disk Utilities). Both bootcamp (native and VM) can access my NTFS partitions doing this. Not tested with compressed files, but I don't see why it shouldn't work.
Mac much more stable since fresh install, so I highly recommend it.
I have also moved my user files to a second hard drive so that OS and Data 0 including dropbox - are separated (that's something I've always done with windows). That way, in case of a problem, you just restore the OS partition and your data is up to date even if you don't have a recent backup. See here
http://martinbay.net/how-to-move-user-folder/ on how to do this.
I now have OSX and Bootcamp on my first internal HD, and an NTFS data partition for bootcamp, an HFS data partition for OSX and an exFAT partition for Media files which can be read/written natively from either OS on a second internal hard drive.