Pumping water around will indeed help aerate the pond, especially with well thought out routing. I could see it being used for horizontal aeration, a spray, or both.

Clogging with plant matter might be a big problem with a submersible pump. If it is located near a dirt bottom, wear from suspended clay would probably cause accelerated wear.

What is the intended original use of the pump you have? That might clue in how susceptible it would be to the above (or other) complications.

"Live like you'll die tomorrow, but manage your grass like you'll live forever."
-S. M. Stirling
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