You'd have to deal with the Chagres (assuming the current drought ends) as well.
The original excavation was done mostly dry and massive by any standards: 27kt of dynamite were used.
I'm also not a digger, but 26 meters of dredging over a 13km distance sounds crazy expensive. You would have to also widen the valley to prevent landslides into the canal.
Chinese company got concession to build decade ago, but didn't do anything and then went out of business.