Andy:
I spent a week there last summer. Sandestin has the Raven and Burnt Pine, which are both terrific. I preferred Burnt Pine, but half the people prefer the Raven. Two friends, both novice golfers, have told me the other two courses there are very enjoyable, but neither is considered top-tier.
Pass on Regatta Bay. Kelly Plantation was a little better, but one I didn't play - Emerald Bay - actually looked like it would register higher on the fun factor.
Camp Creek is great, and Shark's Tooth is supposed to be as good. It just opened and is quite private.
For a hoot, go to Panama City Beach and play Lagoon Legend. Great fun, and an example of the short-lived design patterns post-Dye TPC. If you are closer to Pensacola, try Kiva Dunes, which I have not played.
I thought golf in that area was pretty expensive, at least compared to Orlando. Most of the top courses were $125-175 in the late summer, which made Emerald a relative bargain at about $80.