Okie,
Heck, I'll respond...maybe help get a discussion going.
I assume you are talking about using "white lime" to repair pond leaks?
Someone quoted a source many months ago that said ag. lime would also fix pond leaks. I can say ag. lime, at least in the composition we get it for pasture treatments, would not be a choice I would make for pond leak repairs. It wouldn't stop any kind of leak.
White lime may be a different matter, especially if it were to contain large amounts of clay. Can you tell us more about the composition of white lime and if it does contain clay particles?