When you get to Panama, go directly to Bocas del Toro. The dive op is Bocas Water Sports. A two-tank dive is $60, and that includes all your gear. If you're doing multiple dives, it drops down to $55. There are other dive ops in Bocas. Dutch Pirate seems to be good, but you'll have rental charges on top of the dive charges. La Buga is much more focused on surfing, which is also very good and quite popular in the archipeligo. Based on my personal experience, I would strongly recommend you avoid Starfleet.
Bocas is a great place for backpackers. There are a number of hostels within easy walking distance of BWS. If you eat with the locals in the cafeterias, you can get by very cheaply. Plus, there are a number of excellent restaurants and bars with very reasonable prices. A step up from the hostels are a few bed-and-breakfasts. Check out Lulu's, Cocomo-on-the-Sea and Hotel Angela. All are in the quieter area of Bocas Town and all within a short walk of restaurants, bars and BWS. Check this website:
www.bocas.com.
Just be aware - February is not only carnaval time, it's summer vacation in Panama. Bocas is a very popular spot, and BWS is a small dive op. They only take 4 divers per DM on their two six-packs. Making reservations is a very good idea in February.
www.bocaswatersports.com.
The diving is about like shore diving in Roatan. The viz is not that great, but the corals and the macro life are rich and plentiful.
If you have other questions about Bocas, let me know. I've been diving there since 2000.