The property that I am thinking of is 80 acres and has two hollows that come together. It would seem that I could dam up the bottom of where those two hollows intersect and fill up about 8 acres of water back up into both hollows. This is all yet to be determined though.
Excellent.
An embankment dam to create an 8-acre pond is typically very expensive. Can you calculate the watershed above your potential dam site?
Having the "correct" amount of watershed will reduce your dam requirements (and costs) somewhat. If you have too much water, then you need some extra dam and extra emergency spillway construction.
Having TWO hollows is a big benefit, since you have the option of down-sizing if needed. Or of building two 4-acre ponds.