The guys at "Panama City Diving" are very knowledgeable and their boats are well maintained, I believe there's 2 good ops in Panama City and they are one of them.
However I have to strongly agree with wspalding in the post above. If you are going to Florida, WHY would you want to go there? Then again I should know better than to call this place Florida.
Your airfare will be half or less to anywhere in SE Florida. If you are driving, your sanity will last longer going straight south, the concept of highways or freeways is not well know in this place, anyways.......they do have paved roads and spearfishing can be very good.