Thanks for the input so far! A lot of good points.
I was also worried a little about the size of the trees on the dam and the depth of the pond. Maybe I will take a trip back up to see if I can get a canoe out there to measure the depth all around so I KNOW how deep it is.
Looking at Google Earth, all the way back to 1993 the size doesnt change much from season to season. It did appear to be maybe 6-12" low right now which doesnt seem horrible since it is basically the end of the summer. With that said though, 6-12" is a lot when there are shallow areas.
Guess I need to "worst case" scenerio it and find out what it would cost to clean up/rebuild the dam and increase the pond depth by a few feet.