Yes, please do continue the TL.
I'd be interested to know more about how the British feel about French control of Egypt. In the event of a war, the French seem perfectly able and ready to stop British goods and trade through the Suez canal. Do the British realize this? Has it impacted how they govern India? Does the Boer War still break out? How is British rule in South Africa progressing? How is the progress towards Dominion status progressing for Australia?
The set-up for the alt-WWI is very interesting from an American POV. The French Panama Canal is a very large potential threat. I expect it's paired with much greater competition for commercial ties in Latin America. What was the fate of Mexico, by the way? I can't recall. In any event, the US may be much more inclined to favor a side in the conflict, given the potential threat in the Western hemisphere.
To answer a few of your questions
1) Yes the British are very nervous that in the case of war France would cut off access to the Suez Canal. This is one of the reasons for the souring of Anglo-French relations
2) The Boer War has not broken out yet, but things might heat up in a few years. South Africa is ruled pretty much the same as OTL pre Boer War.
3) Yes, Australia is a British Dominion in the TL.
4) Mexico is slightly better off in the TL in that the Franco-Mexican war was significantly shorter than OTL's. Mexico is more stable and has good relations with the United States.