I have always liked Shalimar Pointe in Ft. Walton Beach. Years ago it was shop-worn but some nice elevation changes and occasional inverted fairway bunkers. Too much water, but fun approaches. Just looked at the web-site and it looks like it's been renovated. A big of a sleeper, but very affordable. Perhaps too far a drive from Panama City, however.
Anybody played there recently?
Bogey