An aeration system was in my future plans for our pond. I am now thinking of using some of my large boulders and stones to construct a natural looking waterfalls which I could tie into the side hill (not the dam) and empty back into the pond. I could set the pump to draw water off the deeper portion of the pond and circulate it in this fashion, as well as introduce oxygen as it cascades.

Does anyone know if a waterfalls can potentially aerate a pond in this fashion?