I know I am not in a majority for this but I tend to use aperture priority for fast jets.
Setting it to an aperture that gives sufficient depth of field and achieves the lens sweet spot, but not stopping down further than neccessary which could head towards diffraction or affect one of the other variables in the exposure triangle.
Talking of which I will go with whatever ISO is required to give a minimum of 1/800th, averaging faster than that across most of the sky. As the light deteriorates I make a decision, open the aperture up, (small fast jet, far away) or lose shutter speed, (slow large transport type. ISO increase tends to be a final resort.
(The caveat to this is when using a camera with working auto ISO and settbig a range on it with a minimum shutter speed instead, but still in aperture priority)
Props/rotors I shoot shutter priority and drop the ISO to 100. It means you can have your aperture settings dialled in and a higher ISO for fast jets, then a twist of a dial to shutter priority and quickly toggle the ISO for props/rotors which has a pre set shutter speed dialled in.
Usually more like 1/125th for me but a maximum of 1/320th. Low light is not your issue here, ISO can go up, aperture has plenty of space to open up. Bright light as mentioned is the issue, I've never used an ND filter but that could be your answer if you like going slow with the shutter speeds. To begin with you won't so probably don't worry about this filter. The advantage of going slow is the chance of one really good shot instead of a load of average ones, the disadvantage is a lot of blurry ones!
Autofocus settings will vary from camera to camera. But you will want it in the high speed continuous drive mode (although keeper rate can increase with certain models if you back this off a hair) along with continuous tracking.
Exposure is key, live by your histogram, expose to the right but don't blow highlights, more than certainly you will want some positive exposure. Pick a metering mode, evaluative, centre weighted whatever it's your choice but learn it. Learn when it under and over exposes so you can tweak compensation in different lighting situations. Accept that as you pan not every shot will be exposed perfectly, so allow some breathing room or you will lose your highlights as sky changes rapidly.
Another thing to try is panning with your left eye open, it might help you get an idea of where the jet is going next...