I have had a bit of experience with spreading lime. I have never tried that method. Lime can be quite abrasive (like sand) if that makes a difference to the equipment. It is much easier to move and work with lime when it is dry. The best methods for spreading lime in an existing pond are by barge (hired out to people who provide that service) or by spreader truck , unless of course you want to do it manually from a boat. Keep in mind that you are treating the water mostly by changing the pond bottom's alkalinity.