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When you get to the mountains you could tunnel which would be more tool consuming and may take longer than my estimate. I will leave it at that.
Doing a quick test on a new world I found that by going 100 blocks with non extreme terrain building a canal along the world border took 3min 11s to both dig and build a little at y 70 it would take 7+ minutes total per 100 blocks the most tedious work being water brcause of the constant need to refill buckets by getting water from what you've already placed(infinite water source) along the way you can mine blocks for use in the canal but from what I've studied in this project is it would take perhaps 1000 hours of hard constant work in total, higher than my previous estimate (which I didn't consider water)
Don't start a project unless you have an idea of the cost and willing to devote your time to it. Many unfinished projects are due to later realization of how tedious it actually is or due to a great lacking of resources.
@sofatroll does Strangers Company have the patience and resources to do this along with willingness?
Also it may need blocks to be built for low places that don't provide equal level ground for the canal which would effectively cost over 300k cobblestone and 800k water buckets (for the whole route) if you put them side by side and left a space in between each source.
@sknup a 2 wide aquaduct would take a team of 6 over 60+ hours (quick underestimate) each I assume due to all the terrain they would battle employing perhaps 3000 diamond shovels maybe more, several picks would have to be used also. And for what? A boat route so you could travel around the world border which would be hardly used due to low need as nearly nobody has a base there because a player could do as Nerdie is doing to find a base. Although I don't doubt it will be used but I do doubt it will be made.