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Instead of creating one Test Plan for your release, you may create multiple Test Plans to track different Tests (e.g. manual vs automated); this may be useful if you want to have clear visibility of how certain groups of Tests are progressing and if their execution lifecycle is different from other ones. It will also make your Test Plans considerable lighter.
If adopting Scrum, create Test Plans per Sprint, to track the testing being done in the scope of your Sprint; manage them as artifacts of your Sprint and add them to your Scrum boards so everyone sees their progress. Per each Sprint you may have more than one Test Plan; check out some possible usage patterns here.
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