The problem with renting an excavator is what do you do with the stuff you excavate. You can pile it up around the pond and hope like heck you don't get so much rain that it gets washed back in before you can haul it away. Of course if you throw it over the dam you're okay.
I might try scooping into my soil mover. If that proves too slow I'll likely have to hire a guy with an excavator and dump truck.