Well, if anything, I think Ultimate Black Panther should be introduced into the pages of Ultimate Iron Man, not necessarily as the leader of a country with advanced technology, but one with an impressively diverse amount of natural resources, particularly metals. Another look at Panther would be to make him the CEO of a prominent manufacturing corporation in Wakanda.
The Ultimate version of his nation, Wakanda, could be the leading supplier of vibranium, that infamous 616 metal that absorbed sound. (I'm aware that the Antarctic variety of vibranium PRODUCES sound rather than absorbs it, but that's a whole 'nother thing altogether.)
Much of Ultimate Black Panther's personal struggles as a character would be about his role as like Tony Stark, a supplier to military contracts and as an influential man living in a country that must adapt to a worldwide economy. You could try to parallel this with the real struggles Japan had to endure when it opened its borders to the world during the Meiji era.
At the same time, the American government might decide to strong-arm the Wakandan government into signing some very lucrative deals that involve placing military bases (SHIELD may or may not be involved in this), a Special Administrative Region that would support those bases, and some plum access to fuel and metal resources.
This would easily parallel the arrangements between the United States and the Philippines that placed the air bases in Clark and Subic, as well as made the Visiting Forces Arrangement.