How to save Uploaded image in custom option panel?

You can either use the Wordrpess Settings API or you can use an options framework. My team built a pretty awesome options framework that’s easy to drop into your theme. It’s called the UpThemes Framework. You can grab a copy of it at github. https://github.com/chriswallace/UpThemes-Framework

To install simply drop the admin and theme-options folder into your theme directory. Edit the theme-options files to add more options as you were attempting in your code. Lastly add this to your functions.php file.

require_once('admin/admin.php');

You will then have all the option values at your finger tips by using the following in your templates.

global $up_options;
echo $up_options->option_id;

We are still in the process of documenting out all of the option types (typography management, color picket, etc). You can see some of the features here.