Nice points, especially about the smooth steel versus corrugated drain or plastic.
Another question that occurs to me:
Is it better to have the outflow pipe define the water level, or the inflow pipe?
I've been contemplating a lake of my own, and I assumed that a pipe angled up the face of the dam from the deepest area of the tank would help draw sediment out to slow down heavy buildup, whereas a vertical stand-pipe would not.
Pointers?
Since I live in oil country I might actually be able to find usable drill stem for the task, too. If anything's tough enough to deal with corrosion that stuff is!