Is there a way to burn an macOS 10.3 Panther bootable ISO or DMG file to a blank disc? If so, how do I do it?
As Apple never put up an open-source version of Panther online, and any you find for download are always pirated and often loaded with malware, no. Also many people who paid money for a pirated download iso or dmg found that their computers would not boot from any burned optical disk containing the file.
Apple Support page lists downloads of macOS, but it only lists macOS X 10.3
Those are updaters, not the base system.
I heard that you can flash a macOS X Installer on a USB flash drive and install the sequence by holding the down the option(alt) key.
A PowerMac MDD is not bootable from USB. Firewire, yes. Intel Macs are bootable form usb devices.
If you cannot find a full retail install disk on Amazon or another trusted source (auction sites are not trusted sources for Mac system software), then I recommend contacting a Mac Users Group. Many have legit copies of older system software archived
https://appleusergroupresources.com/find-a-group/