There were the two Z=plan options. The huge fleet that wasn't going to be ready till 1946 or so... and then Z-plan with many small raiders and subs. The smaller more numerous fleet would have done well. All in the the KM fleet in WW2 did quite well considering how numerically inferior they were to the allies and esp. considering they had no completed CV's.
In reality look at how well the Pocket Battleships, Heavy Cruisers, and even Sharnhorst and Gnesienau did on solo/small group raides. Meanwhile, with many more U-Boats and the smaller merchant raiders (which had much success against allied shipping) there is no way Britain and the US would have been able to counter all the ships raiding all over the oceans. The Graf Spee, Scheer, Sharn/Gneis tied down huge amounts of resources in some of their sorties. Imagine if there were 4 or 5+ Pocket Battleships, Heavy Cruisers operating at the same time along with u-boats, merchant raiders, etc.
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