Just to let you know that the Royal Canal is currently being restored on the Shannon (western) end and is tentatively scheduled for completion end of 2008. However the canal has also been closed at the Dublin end since 2004. I'm endeavouring to find out the current timetable for re-opening there (the original closure was scheduled to be less than a year). I have severe doubts that it will be opened by end 2008. I too would like to do the ring - I took our boat up the Grand Canal into Dublin earlier in the year.
I'll update our website http://dublin.iwai.ie as details emerge (I'm webmaster for my sins).
You can contact me via the IWAI website
Michael