GSV:
https://maps.google.com/maps?ll=30.403194,-87.374042&spn=0.000019,0.012392&t=h&z=17&layer=c&cbll=30.403247,-87.374038&panoid=Ivui-bNbMIxyKflbkm7WHg&cbp=12,15.36,,0,0 (https://maps.google.com/maps?ll=30.403194,-87.374042&spn=0.000019,0.012392&t=h&z=17&layer=c&cbll=30.403247,-87.374038&panoid=Ivui-bNbMIxyKflbkm7WHg&cbp=12,15.36,,0,0)
Well that's just plain erroneous - the junction with US 98 is the opposite way, so there is pretty much no reason for this sign to be here.
There's an explanation that makes this more than the boring fuckup it appears to be. The original main road from Pensacola west to Lillian followed SR 298, and the roadway ID (http://www2.dot.state.fl.us/Straight-linesOnlineGIS/blank.aspx?docId=32958) still goes this way. So it's possible that the FDOT worker looked up 48110000 in their database, saw that it was US 98, and failed to realize only the west portion is US 98.