mglanham and others, please help!
I'm new to the forum, but have gotten a lot of great info lately. Thank you!

I have a newly acquired large pond that is need of a lot of work and looking for tips based on your relevant experience.

Problems and Current Condition: It is 4.4 acre pond. Silted in (unsure how much) such that water lillies are growing around entire perimeter covering about 2 to 2.5 acres (where the water is between 0 and 5 feet). There is coontail throughout. Pretty bad muskrat infestation (though 15 fewer as of this weekend). Deepest is 15ft in one small area. I'm told it is very old (>50 years). It does not have a drain pipe...just earthen spillway that has some washout problems. Back of dam has lots of trees. Water is crystal clear. Had cows in it for a few years, but they are all off it now.

Solutions that have been discussed/proposed (in no particular order):
1. Have the dam cut, dig it out with dozer, etc. Had a local excavator with lots of experience tell me this would be astronomically expensive because he said i would not believe how much muck/silt is in the bottom due to age.
2. Don't clean out, just cut a new core on the back of dam and raise dam about 6 feet. This would significantly increase size of lake. Not sure I want one that big...but the property would support it. Seems like burying the problem but not sure if that matters.
3. Siphon it down about 6 or 7 feet and then have the edges only cleaned up with dozer or excavator.
4. Perhaps a combination of 2 & 3. Clean out edges and then only raise water level 2-3 feet.
5. Chemical and Biological approach: Kill aquatic life with chemical and die. Install hefty aerations system and apply the bacteria.

All of the above solutions would be hired out to local professionals.

Objectives are Aesthetics and Fishing and maybe Swimming without spending an absolute fortune if possible.

Thanks in advance guys...