Since my wife is from Panama (I am Australian) I have long considered doing something like this. That part of Panama Chiriquí is particularly pretty and the climate is indeed fantastic.
In light of the AABill and the NBN perhaps I should consider it more.
I think I would be better off selling small things like books and training courses to be honest. Assuming I could get several hundred a month it would cover my expenses long enough till I could ramp that up.