Gulf Breeze is the town you go through to get to Pensacola Beach. Gulf Breeze is a little more expensive than Pensacola mainland.
Keep in mind this area is a military area . . . You have Pensacola NAS, Corry Station, and then in Fort Walton you have Eglin AFB.
It is a really nice area - and is right on the Bay heading to Pensacola Beach. It is finally coming back to pre Hurricane Ivan and I believe there is only one school group there (1 elementary, 1 middle, 1 high). There is only one way in and out of Gulf Breeze to get to Pensacola and that is the 3 mile bridge.
We lived in Pensacola for 3 1/2 years and enjoyed it. It is about a 6 - 8 hour drive to Disney and keep in mind you would be a Florida resident and could take advantage of the seasonal annual pass. Also, there is no state income tax in the State of Florida and you are close to Mobile, AL if you wanted to take a cruise.