Thank you for the replies. While working the pond this morning, I had time to give this more thought and will take a wait and see approach.
Bill, in reference to this comment "....one can tolerate some bullheads and not have lots of problems." do you mean overpopulation? Other than the bullheads, I have no problems with the pond.
Bruce,
Prior to pumping, secchi disk readings were 36". With the pond level down almost 4' now, I've been cleaning out some weeds that I can reach from shore. I do not know what vegetation/density exists below the current waterline. Your last sentence really hammers home the reality of the situation. Given the fact I have no control over the stream that supplies this pond, if I drain it dry now, there is no guarantee I won't be faced with the same problem down the road. Like Bill mentioned, if things get really out of hand, the pond's size is such that to renovate would not be a big deal.
Russ