If you will be in Bohol just to dive and not care about the beach,if I were in your shoes
I wouldn't stay in Panglao.You will probably better of staying at Bohol tropics in Tagbilaran.There are 3 dive shops in there I'm talking about Bohol Tropics itself.I dove with Bluewaterdive.com 2 years ago.
The good thing staying in Tagbilaran are :close to the airport,you can dive to Panglao,Balicasag,and Cabilao Island, bottom line you have easier access to all diving sites.Just a thought that you might consider.
Have a safe dive....