I live in Fort Walton Beach. I think there is enough on here about getting to Pensacola (it is a long way in boat) and the airshow so I will not pile on. However, I will add some other points:
(1) if you are bringing a tube and planning on being near Crab Island, head northwest into Cinco Bayou (AJs on the Bayou) for some good calm water for tubing,
(2) the Destin Harbor gets really busy and crowded during the summer so be mindful and alert and realize there is VERY limited public docking available at the restaurants -- Dewey Destins just east of Crab Island has a public dock and decent food,
(3) Sheriff/CG have been active and present so be alert and watch the consumption; be very mindful of the extensive no wake areas,
(4) Hurlburt flies just about every week day but usually most of the flying is later in the afternoon,
(5) tieing up at The Gulf is pretty easy but it is not in a no wake zone and can get rough but the food is amazing; tieing up stern in is best
(6) Crab Island can get loud and very crowded at times in the summer so, I like to venture off to the west and anchor in the shallows along the island -- same concept as Crab Island but not as crowded all though it does get rough at times depending on how many boats are transitioning the area (my profile picture is from this shallow area)
Good non-boating stuff: The Track (go carts), Big Kahunas (water slides), Destin Commons (shopping and food), Jackacudas (Harbor Walk, Destin)
Food (can't eat in the camper all the time!): The Gulf (FWB), The Craft Bar (Destin), Half-Shell Oyster House (Destin), World of Beer (Destin -- Beer, DUH!), Boshamps (second best sunset in Destin), Margaritaville (best sunset in Destin), AJ's on the Bayou (best sunset in FWB)
Hope this helps! Safe travels and enjoy the beautiful Gulf Coast!