Excellent point. Unless the British enact an embargo against their own colonies in North America and the Caribbean, and the South American economies they had spent much of the previous five decades prying open, presumably there would be plenty of British flag merchant ships, sail and steam, to prey upon...
Exactly. Even if North American traffic would be completely reduced to convoy operations from Britain to Canada, it would means only that the North Atlantic became less target-rich. But the mid-Atlantic and South Atlantic would be still full of Britain's cargo ships - maybe even more, because Britain would be heavily pressed to compensate the loss of US market and goods. The China, the India merchant routes, that came around Africa... The South America... The Australia, after all.
I suppose, that Union Navy would adopt some sort of late-French strategy; use limited forces of ironclads & coastal ships to punch through the blockade line, and let raiders to run away and disperse. To allow raiders to enter, the similar operations could be mantained on pre-determined pattern (i.e. raider captain knew, that Norfolk Mobile Force, for example, would went out and engage the nearby British blockade squadron at 8 august, so if he want to came in harbor - it would be a perfect opportunity to slip through the blockade). The Union shipbuliding would probably be diverted from river & harbour monitors toward larger, at least partially sea-capable ironclads and monitors, to provide active forces for such attacks - and, as they actually do, large fast screw frigates.
Let's not forget, up to the 1865 the Britain have (in terms of ironclads):
* Warrior (1861)
* Black Prince (1862)
* Defence (1861)
* Resistance (1862)
* Royal Oak (1863)
* Hector (1864)
* Achilles (1864)
* Prince Consort (1864)
* Researhc (1864, small)
* Enterprize (1864, small)
* Royal Sovereign (1864, coastal)
* Caledonia (1865)
* Scorpion (1865, coastal)
* Wyvern (1865, coastal)
Assuming that the British would boost the production, we could also consider possible to comission some additional ironclads in late 1865; "Ocean", "Lord Clyde", "Lord Warden", "Pallas", "Zealous" & "Bellerophon".
What could the Union Navy provide in terms of at least partially sea-capable ironclads? Assuming no losses in ironclads during 1863-1865:
* New Ironsides (1862)
* Galena (1862, small)
* Keokuk (1862, small)
* Roanok (1863)
* Onondaga (1864)
* (Italian ironclad No.1 from Webb) (1864)
* (Italian ironclad No.2 from Webb) (1864)
* Dictator (1864)
* Agamenticus (1864)
* Monadnock (1864)
* Miantonomoh (1865)
* Tonawanda (1865)
Assuming that the Union would also boost production, and cancel river monitor program (Casco-class were useless anyway) they would probably be able to bring "Dunderberg", "Puritan", and Steven's Battery in comission in 1865. Maybe even some from "Kalamazoo"-class - I have little data about them, so I'm not sure, in what state they were.
So, while the Union ironclad fleet undoubtedly being smaller and less capable than Royal Navy, they still have pretty enough ironclads to provide protection of Union coastal waters. The ratio between USN and RN ironclad fleets would be about 1:1,5-1,7. And the Union did not have to worry about the France...