1) As a verb it means to cut open the paunch or belly of an animal and take out the entrails, together with the heart, liver, lungs, etc (OED).
In Yorkshire the examples are found in the records of the Quarter Sessions: 1670 founde a doe hid in a bush … and there hee pansht her, Barnsley
1675 they found the belly and the guts of a sheepe greene and newly pauncht, for it did not smell at all, Slaidburn. The noun referred to what was removed: 1670 one or two sheep panches new put in the midding on the backside, Kirkby Malzeard. A fourteenth-century by-name points to a much earlier use of the word, probably a nickname: 1312-3 Symoni Paunche pellipario [skinner]viijs, Bolton Priory.