Hi Chris,
Too bad you're not going to be there in Feb. I'll be doing a UW photo workshop there at Scuba Club Cozumel. You'll find when you get there that you'll be diving all the reefs there. Palancar is just one of them with many sections. Palancar and Colombia Bricks are some of my favorite wide angle dives.
You really should bring both wide and macro lenses if you can swing it. Most dive ops do 2 tanks in the morning and the first is usually the wall. This is where you'll really like having the wide angle. The second dive is typically done on the shallower reefs where you may find more macro opportunities. Night dives in Cozumel will blow you away and a 60 macro is a good lens for that too.
It also depends on who you're diving with and whether or not the other divers are shooting. Its really easy to get separated because of the currents, so most the dive operators will insist you stay with your group. They always drift too fast for the photogs. This makes shooting macro much more challenging. If you're diving with a bigger operator like Scuba Club or Aqua Safari you can ask to be put on a boat with other photogs. Let them know you want to go SLOW. If they can accommodate you, they will. You can also ask your DM to go very slowly.
No matter which lens you leave behind, that will be the one you wish you had with you once you get there.
You can take a peek at some of my shots from the three trips I did there last year. This might help you to decide what you would like to come home with.
Have a great trip!
Bonnie