I talked with Jeff Slipke at Midwest Lake Management, and his recommendation was to treat with Fluridone at 90ppm to tackle water meal, aerate, and add beneficial bacteria to decrease the muck layer and help guard against an FA bloom. Bill Cody has suggested decreasing the size of the pond while digging out muck to get a fresh start. I have seen dredging equipment
http://www.piranhapump.com/ that would allow us to remove the silt, although it would be a drawn out, labor intensive project. Still more research to do to find the best compromise for the long haul. Thanks for the recommendations.