Yes and yes on the timber. I did keep the oak stumps though, and rolled them back in the pond after all the dirt work was done. There's opinions both ways, but I had mine placed roots up. They're still there and solid as a rock.
I felled the trees myself, and the lumber mill guy liked the arrangement. When the trees were pushed out, he had less problems to deal with.
If you have cedars on the property, you may want to save them too for shallow water cover.
