If it was Panama I would prefer late as well. Due to the fact Noreiga was the driving force behind the countrys problems and the invasion. If you wanted to make it modern day make it so one of his cronies comes back and snatches power form the legitimate government using help and financial support from Columbian drug cartels needing better distribution channels for their product.
Problem with Panama is it was not an island...whereas Grenada was. AS Messy mentioned....lots of cool Special Ops missions for Rangers and Seals (no Delta mission I'm aware of...that was Panama- Operation Acid Gambit the rescue of Kurt Muse a CIA Operative).
Personally the scale of the island and operation makes me think Grenada is better.
The Radio tower on the island north of Nogova would be perfect for the Navy Seals mission to capture the Grenada radio tower as explained at Navyseals.com