I don't think it's algae that's causing the turbidity. At the very least, the blue-green algae we've battled in the past has been well-controlled by monthly copper chromate treatments during hot/summer months.
The turbidity we have witnessed looks dark brown. If I were to guess, it's organic matter from the lake bed being suspended by the aeration process. Any thoughts on whether this will reduce over months/years of aeration? Or... given that there's leaves falling into the pond every autumn, the muck just gets renewed each year?