Gents,
Such a Japanese effort against the Canal only makes sense if the Japanese intend to invade Oahu and wish to delay the inevitable US Atlantic Fleet counter-attack on an invested Hawaii.
Surely a small Japanese carrier group, built around the old Hosho, might sail unmolested thru international waters outside of the banned US 12 mile limit ? In peacetime.
Considering the range of the Kate and Zero (I assume here, without checking, that Hosho could indeed operate both types ?) a surprise Dec.7 attack could be flown against the Gatun Dam without too much difficulty. History shows the US defenders of Oahu to have been quite complacent wrt any attack on their island bastion so I would think the US defenders of the Panama Canal to have been even more "relaxed".
A transport ship bomb, even if not discovered by US inspection teams (which included sniffer dogs after 1935), would at best, block only one side of the paired Canal locks. Transit times would be slowed for two or three months as the wreck was cleared and the damage repaired but ship traffic would continue thru the undamaged side of the lock even while repairs were underway.
Draining Gatun Lake however, by torpedoing several of the spillway gates of the Gatun Dam will drain away the multi-year stored rainwater needed for the operation of each and every lock. The Canal would be unusable for 2- 3 years after the repairs were completed, until the rains re-filled the reservoir.
A few thoughts.
The bit about an invasion of Oahu is probably moot for several reasons. Knocking out the Canal is a fairly major prize by itself, although the japanese do not have the resources to attempt an invasion of Hawaii.
It is also not as easy to imagine Hosho getting through undetected. Hosho was old and slow, but it was also a carrier. This combination meant that it's disappearance for a protracted time period would eventually be noted, while it was to slow to sprint across the Pacific. In addition, while the north pacific approaches to Hawaii were fairly empty (and Nagumo expected to have to fight his way in to some extent), while the approaches to the Panama canal are some of the most heavily trafficked waterways in the world. Not to mention their long course will cross some other shipping routes. In fact, do the japanese have the logistical capability to get Hosho (plus escorts?) to strike range of Panama? I tend to doubt it, especially if they have to use a roundabout course to evade detection, but I'm not an expert on that subject and can't seem to find my sources.
I agree that the gatun locks are the only viable target. Sinking a ship in the middle of the canal would be only a minor obstacle in the long run, and it seems unlikely that the canal locks could be destroyed. I suppose if you blew up enough explosives at the seaward side, you might manage something, but getting the explosives there would be hard. I suppose if the attack were delivered well, however, it could drain lake Gatun.
My personnal opinion is that an attack on the Panama canal is theoretically possible, but the odds of success, or of disabling the canal for any signifigant length of time are rather slim.