After some thought I answered this one myself.
Reasons beyond my thought have told me that a button does not accept a double click..... who would have thunkit
Other items DO accept both a single and a double click.
Code:
Private Sub Label1_Click(ByVal sender As System.Object, ByVal e As System.EventArgs) Handles Label1.Click
Panel1.Visible = False
End Sub
Private Sub Label1_DoubleClick(ByVal sender As System.Object, ByVal e As System.EventArgs) Handles Label1.DoubleClick
Panel1.Visible = True
End Sub