There was a bike shop IIRC between SanDestin and Panama City that was roadie-friendly, but I don't recall the name or know if they rented bikes. Most of the places along the beach specialize in the beach cruiser rentals. Another shop in Blue Mountain Beach was roadie-friendly as well. I may look for names for these places. I have stopped in both to buy tubes.
Follow-up edit: The first is actually in Miramar: robinsbikes.com
The second: either isn't there or maybe has changed hands/focus. Didn't see any road bikes on either shop in Blue Mtn.
So I would try Robin's. If not there, Panama City is close to Santa Rosa, but I've never stopped in any shops there on my rides.
Last edited by Ex Pres; 05-18-10 at 01:17 PM.