I hadn't heard of this plan before and it strikes me a quite interesting. The attack on the U.S would seem to be virtually useless (no real strategic value, even if the very large fleet of subs proposed originally was built in time to be useful). However, the attack on the canal to me at least, offers some interesting possibilities.
Lots of different options; how much U.S shipping travelled through the canal? How heavily defended was it? The plan was to attack the eastern end, something that may have been more successful that the western end.
What are some other issues? What if this plan had been pulled off? Say the 3 subs, as built, were operational 12 months earlier and struck the canal's east end and destroyed a number of locks?, what effect would this have had on the war? How much shipping that came out of the U.S west coast could be sent the long way round? Were there better ways to close off the canal?
EDIT: added tags, typo

xht1sw wrote: