[mookiemookie]

If you're looking for task forces (battleships and the like) they're a rare sight. You have to keep in mind that the number one goal of the U-boats in WW2 was to sink merchant shipping. In any given career, no matter where you are stationed, I'd say 95 to 98% of your tonnage is going to come from merchant shipping.

That being said, I've found the convoy route from England to the Strait of Gibraltar (the one along the off of the Spanish and Portuguese coasts) to be a nice place to try and intercept convoys/task forces. Stay a couple hundred km off the mouth of Gibraltar, and you should catch a lot of what goes in and out. You may also see a battleship or escort carrier in the middle of a convoy, if you're lucky.

Of course, if you're itching to sink a battlewagon, you can scratch that itch by firing up one of the single missions.

As for your question on waypoints: Shift + Del will remove all waypoints, and Ctrl + Left Click will insert a waypoint between the selected waypoint and next waypoint. And (I believe, I could be wrong on this) Shift + Left Click will delete every waypoint after the one that you clicked.