Meadowlark,
Your point is well taken. I most definitely want the pond to hold water. ;\)

On the other hand, I could follow my wife's suggestion and line it with concrete and end up with one BIG swimming pool! \:\)
Not that I could afford it if I wanted to!

I guess I'm wondering if anyone has actually dug and used their own gravel for anything.

Should I just avoid it like the plague?

If I do try and use it, I'll have to dig deeper and wider than originally planned which will involve more $$$. I'll also need to set enough clay aside to come back and cover the gravel.