The wire in question is within a foot of the AC panel. I though about adding another outlet but there isn't really a good place to logically add it. I was just trying to avoid half a day in some very tight quarters running a new wire if it wasn't necessary. Looks like I'll have to spend the time and to it right. I feel the pains already. Safety first! Thanks for the responses.
Hi Ted, the new outlet doesn't have to be logical, it just has to be safely done and accessible

You'd simply disconnect the wire in question from the panel, put it into a metal outlet box, then run a new wire from the new outlet box to the panel. Make the splice in the box, connect and install the outlet, connect the new wire to the breaker, test everything... done.
It's worth considering, versus a half-day fishing new wire. And you can simply do the splice in the outlet box, cover with a blank plate and forego the new outlet, if you don't want it. As you say, safety is paramount.
Your predicament brings up one consideration that's worth mentioning - when wiring, be generous! Whenever running a wire, allow enough so that the wire can be run above or behind everything, and adjusted later if necessary. I'm not talking sloppy or loose; wire must be properly supported and secured out of harms way.