Using depth to show different template on different taxonomy depth level

Hi,
I am thinking of a hierarchical website solution for almost a year now, but still didn't figure out the right way to go for.
This evening I thought about the following. Content taxonomy has the taxonomy depth option, which may be is the key to success!

I have a vocabulary with the following levels:
-continent
--country
----region
------city

What I would like is to be able to use different templates on different level of taxonomy and having this automated filled in on depth level on the content-taxonomy vocabulary blocks.
The templates should be user-generated panel-pages using argument handling which would be filled in than in the content-taxonomy vocabulary blocks (Context for .. blocks) on different depth levels.
For instance
on Continent level this panel-page is used: /continent/europa
on Country level this panel-page is used: /country/nederland
etc...

Is this doable please?

Thanks a lot in advance for replying!
greetings,
Martijn