Sight seeing on a lay-over all depends on the time of day I'm assuming you're coming during daylight hours. The Miraflores Visitors Center at the Canal is roughly 40 minutes to an hour from the airport - again, depending on time of day, ie. traffic. It's open from 9:00 AM until 4:30 PM. The earlier you can get there, the better, because you'll have more opportunity to see ships going through the locks.
There are many good restaurants in the city, but you might want to consider one of the small sidewalk cafes around the square in Casco Viejo, the older part of the city.
I don't think you need to hire a tour guide. Taxis can take you where you want to go. It will probably cost about $30 to $35 to go from Tocumen to Miraflores.
Oh wow, it is very close! Yes, I will be there from from 10 am untill 6pm so it seems like I have a good timeframe :) Thank You
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