I voted for the 111. The 127/217 is jumping in with both feet for your first PAM. There's nothing wrong with the 177, but the 111 is a bit more quintessential Panerai, IMO. The 177 or a SS cased base dial model like the 112 would be a good "2nd" PAM. Then bring on the 47mm watches.
I'm pretty comfortable that the progression laid out above is a pretty safe path for the budding Paneristi.