Since I don't have enough information about the pump I will give you information on how to figure out the time to pump.
You gotta figure it on gallons per minute or gallons per hour.
A 1 ac area covered with water is 325,851 gallons (one acre foot). A really rough rule of thumb is take the maximum depth, ÷ that by 2 and multiply that by the surface area to give you acre feet. Multiply that by gallons and you'll get the volume. Find the GPM or GPH of the pump and do the math.
To lime it, you need enough hydrated lime to get a pH of 11+. A cheap pH test kit that allows you to test for high pH will help immensely. Get all the damp spots too, as bullheads will burrow into the mud to survive.
If there's a lot of muck on the bottom of the pond, now would be a good time to get an excavator in there to clean it out. Doing that will save you $$$$ in the future battling weeds and/or filamentous algae.
Then while it's drained, put cover in there for the fish to make it easier to fish the pond, and to help the fish population.
Different areas of the country has different prices for lime, etc. You want hydrated lime or quick lime.
Do you want large bluegill and 2#-3# bass? Do you want a catfish only pond? What about Hybrid striped bass and hybrid bluegills/maybe some redear sunfish in one pond, Hybrid Bluegills and channel cats in the other?
Will you be feeding the fish on a regular basis? (i.e. daily)
