My brother-in-law, Steven, and I went on an excellent backpacking trip over the weekend. We hiked the Panther Creek Trail to Yonah Dam and back the next day.
The terrain to the main attraction, Panther Creek Falls, is well marked with moderate terrain and just a few technical spots. The trail beyond the falls is the opposite. It is marked but, only in the opposite direction and isn't well maintained or frequently used.
Unless you really want to see it, don't go all the way to the Dam. It is an extra 2 miles along a road (dirt for half and make a right onto paved for the rest).
The park there is day use only and posted no camping. We were able to find one (unofficial) place to camp on the way back to the trail but, it was far from ideal.
If you do want to go past the falls stop when you find Davidson Creek w/ a metal bridge and double back for camping or plan to camp in the parking lot or open “tree farm” field.