Confirmed: only ThunderBolt 1.2 causes the kernel panics. (The other updates appear to work fine)
For those who'd prefer NOT to reinstall Lion, you CAN simply re-apply the 10.7.4 Combo Updater, and you'll be good to go.
A couple ways to do this:
If you have another Mac (MUST also be running Lion), you should be able to boot your kernel-panic Mac into (T) Target more, attach it via Firewire to your good Mac, and run the Combo Updater on the Firewire-attached drive (I did not test this).
If you don't have another Mac running Lion, but can download the Combo Updater to a USB stick (or you may already have this on your HD), you can (off the top of my head, check syntax):
Reboot with Cmd-R (Select Recovery Disk, or boot into install CD)
Utilities Menu : Terminal
From within Terminal window:
hdiutil attach MacOSX10.7.4.dmg
installer -pkg combo-updater.pkg -target /Volume/Your-HD-Internal