You won't regret buying a patch panel, but it is definitly possible to get it to work the way you're doing it. I've used both methods... Really you just need to sit down and make sure you've got everything going strait through from one connection to the other... You can look at your jack and see where those wires lead, then make sure you're crimping the ends on in the same pattern. Check to make sure you havn't flipped the end over when you're crimping it on... Try out your wiring scheme by making a short "extension cable" that's only a few feet long, as it'll be easier to debug, and give you something to take along with you as you punch down jacks and crimp ends...

Matthew