Aquatic iris would be an option where water levels give way to drought, they are tough as boots and less likely to be gobbled by grazing critters
I really like this idea!!! Any particular iris for West Central Texas?
I don't know many pond iris which are are not suitable for a pond location in Texas, some are especially picturesque just for looks.
Their rhizomes are extremely resilient to drought if water levels drop, fish and small critters will appreciate the shade they cast at the beginning and end of the day, they are well suited to be used as floating island plants as they have neutral buoyancy, that creates shade, shelter and a place for fish to spawn
In this pinterest gallery are photos of 20 or so pond iris I've collected over the years, I like them as they cope so well on my clay ponds which tend to drought harsh in the Summer months even with progressively hotter droughty summers (bone dry)
:::ahem::: I list spares for sale on craigslist now and then
http://www.pinterest.com/adavisus/iris-for-ponds-aquatic-positions/Regards, andy