If it were me, I'd go for Option 3. Too much shallow water will require constant attention & money, much better to deepen the whole thing.

Also, could reshape for fishing hot spots, put in habitat, and rid yourself of anything that you don't really want. After that, you can stock stuff you do!

7ac 2015 CNBG RES FHM 2016 TP FLMB 2017 NLMB GSH L 2018 TP & 70 HSB PK 2019 TP RBT 2020 TFS TP 25 HSB 250 F1,L,RBT -206 2021 TFS TP GSH L,-312 2022 GSH TP CR TFS RBT -234, 2023 BG TP TFS NLMB, -160