I've got one python script that is persistent, with the OK and Cancel buttons, and it was something of a pain to troubleshoot and get working right. So there's one caveat for you. I'll see if I can't hunt that example down today and get it posted...
*edit* : Ok, the trick to getting a panel with no buttons at all is...
Python:
ui = lwsdk.LWPanels()
panel = ui.create("Your Panel Name")
panel.set_close_callback(ThePanelIsClosing)
"""Other UI Stuff Here"""
panel.open(lwsdk.PANF_NOBUTT)
Line 3
is IMPORTANT! It handles all the tasks you need to handle when closing the panel. Since there's no OK/Cancel buttons, specified by the panel.open flag lwsdk.PANF_NOBUTT.
The other thing to keep in mind is that once you open the panel, it actually reaches the end of the script, and the only way you can do anything is through the button callbacks. I found that you had to have your needed import calls inside every callback function, because process only runs once.
The script is attached as a file, since there is a 10K character limit on postings. You should be able to use any text editor to read it. Unpack the zip, read into a text editor, and be confused.
I'll try to answer any questions you have.