A few options..
1) Mess with Panorama some more.
I've had pretty good results with that plug-in (http://bit.ly/pKdKJl), but the effect works mostly in headphones where you're getting a purely discrete signal in each ear. I found that even when it wasn't totally accurate, it did help to sell a bit of extra separation between elements in the mix.. maybe try cranking the Y parameter all the way up to hear a more dramatic difference?
2) Worldize/re-record your car binaurally.
If you have at least two pretty flat-sounding omni mics sitting around and can wrangle yourself into the right position, this is something you can try. Play the sounds you've already made through speakers on ground level while standing up or standing on a chair and holding the two omni mics against your ears, and re-record the car sounds through those sounds that way. It will bring some of then natural EQ/phase/delay information that happens as the car bys reflect off your chest/etc. and tell your body "this sound is below me" into the mix, and at least to you, it might add a little depth to it. Yes, it will likely bring some room reflections as well - it's not perfect - but it's another option!
I did this for some sounds in the above soundscape (write-up at http://bit.ly/fzIM2w) and it helped quite a bit.
Again though, that'll be mostly useful for your ears, and I don't know how well it'll reproduce psychologically on speakers instead of headphones.
3) Forget the binaural stuff and sell it with the right sounds.
If you don't want to try any fancy tricks, make sure your ambiences for standing up on the cliff are spot on. Seaside birds, the right winds, washy waves with occasional rock crashes. EQ a little high and low end off the traffic and elements you want to separate and add some early reflections-heavy verb to them to place them a little further out. Give your listeners some credit, they may be able to piece together what you want just from doing this.
I think that most people don't expect binaural-sounding mix work, so even if you only come close, with the right sounds, you will probably still get the effect you're going for.
WTB Ambisonics-compatible theaters all across the country, right?