Tim do you have any idea of the size of your watershed area for the proposed pond? Looking at the erosion you have it must be pretty substantial. I say build it once you have determined the watershed area. This will tell you what you need to do as far as freeboard and spillway size. Once you have that figured out start moving dirt.
On a side note. How many of you guys that have had NRCS ponds built looked at the cut fill sheets for the dam? In Missouri the dam is refered to as an erosion control structure. In other words if it holds water great, if not it is doing what it was built for, stopping erosion