Settings API and dynamically generated submenu pages

I think the approach you’re attempting is prohibitively complex, and will not scale well at all. I would suggest two possible alternatives to the approach you’re trying to take:

  1. Create a Widget to display your Plugin output, so that the Widgets API handles the settings for multiple instances of your Plugin output.
  2. Create a Shortcode to output your Plugin, and follow the example of other Plugins, such as contact-form Plugins (Contact Form 7, Gravity Forms, etc.), regarding how to manage settings for multiple instances of your Plugin output.