Phew, thanks everybody, I was starting to get a complex!

Snrub and Bill Cody both mention wetland regs - for wetlands to be protected in NY, it's got to be 12.5 contiguous acres. This area is only about an acre, surrounded by pasture, so I think I am covered. I am going to proceed based on the "its easier to ask for forgiveness than permission" principle.

Dono - That's a great idea! The way the area is, I could set up a small minnow pond at a higher level to flow into the main pond. Damn, back to the drawing board.

Bill Cody - What if I were to dig the pond in a few sections? Say, three or 4 mini-ponds, with a couple of feet of dirt between each section? Then I could just knock down the walls with the excavator when the whole thing was dug. My pump is 4.5 HP, and I was told it was one of the best available. The guy I bought it from was a swimming pool contractor who was retiring, so I figured it's meant for this kind of work.