SixFive,
I have not fished out of Panama City, however, I have fished out of Destin (about 45 miles away) multiple times. My wife and I go there roughly once every two years and we take a fishing charter.
We always do well. Primarily King Mackeral's, but we usually only take a 4 hour charter. We have also caught Trigger fish and Red Snapper.
Panama City may be just as good as Destin, but it may be worth the short drive.
Good luck!