No. Guerre de Courses rarely are successful. Instead, they are spoilers. They are the strategy of choice at sea when you don't have the sea power to overcome your opponet. What you are doing is making the war as expensive as possible in the hopes of breaking the bank.

The bottom line for the Germans is that they cannot be both a sea power and a land power. If they choose to try and be both it is likely they will fail at both. At sea their best course of action was simply to defend their coasts and conduct a vicious commerce war against Britain. On land Britain would be incapable of winning and in the long run a stalemate would ensue. Due to the higher cost of the commerce war Germany could hope to eventually negotiate a peace on favorable terms.
For the British their only hope lay in gaining allies that could supply the necessary land power to overcome Germany. Russia and the US did this nicely for them. In addition, the British got the US as another seapower on top of their capacity as a land power.
Now, Japan and Germany might have complemented each other in a war had the two been more co-located than they were.