I used to live in Destin and really miss fly fishing there. I would recommend orvis endorsed
www.shallowwaterexpeditions.comI went on two different trips with them one in the West Bay for Reds outside of Panama City and the other for Tarpon/Shark in the St. Andrews Sound by Tyndall AF. If you had a boat I could give you exact locations where we went so you wouldnt necessarily have to get a guide.
If you have a chance go over to Destin and fish the East Jetty, lots of bluefish and bonita. Last time I was there in Dec. 09 they were in hoards crashing baitfish and nearly beaching themselves. I imagine the same kinda of action would be going on at this time of year.
Also, at the very far northend of the West bay there is a hot-water discharge that has baby tarpon, ladyfish and Trout. Its catch and release only because all the fish congregate right at the discharge. The fishing is super easy but requires a sinking line in about 8-9 ft of water. Of course this would only work if you to have access to a boat.
Another story I heard was catching jack crevalle in the harbor at the very back end by the gulf water in take valve in Destin. While I havent done it myself my brother told me, who still lives there, he watched Bill Dance film a show on catching those Jacks right by that valve.
Hopefully, the weather will cooperate and if you dont go east till march the Cobia run should be going strong by Saint Patty's Day.