Panama City has good wrecks, but is not really known for coral reefs, in fact it does not have any.
I think Lauderdale is a perfect destination. You have very good shore diving right there (LBTS). Lauderdale is like 1 1/2 hours to Key Largo.
IMO the Keys have the best diving in FL, and you should go there for at least a day or two. If you have never been to the Keys a trip to Key West is not a bad idea. The trip on the coastal hwy is fun and Key West is a trip.
The diving is also good from Jupiter to Miami, but I think it gets better the farther north you go. Boynton has great diving as does Jupiter both North. Jupiter is like 1 1/2 hours north of Lauderdale if memory serves.
You will have to make the call, but Panama City is my last choice for diving in FL. Check out the keys diving thread.....