Journal of Middle Eastern Studies article on it here, can’t read the whole thing without paying but the first page seems to make clear that there is textual and archeological evidence.
I can. The article basically states that there is a lot of historical written evidence for two ancient canals, but that the physical evidence has decayed significantly because parts of the old canals are used for agriculture today and other parts have been covered with dunes.
Carol A. Redmount. “The Wadi Tumilat and the ‘Canal of the Pharaohs.’”Journal of Near Eastern Studies 54.2 (April 1995) 127–135. http://www.jstor.org/pss/545471
Until the the damn in Assuan, Nile was known for its mud. Prevention of silting of a canal that actually links river Nile and the Red Sea is way harder than for a canal with sea water and little flow.