Yep, I figured that "drain or dredge" would probably not be acceptable to all parties.
I am not an expert, but I think aeration would probably be your best "bang for the buck" at this point to help your fish populations. However, dissolved oxygen is strongly temperature dependent.
If you get a hot, dry August some year, and your 7' deep water becomes only 5' deep, then it will be tough to avoid some significant loss of fish - even with aeration. Shallow water MUST become very warm in that scenario, and it is difficult to keep that warm water oxygenated.
Hopefully some of the aeration experts can give you some advice on that aspect of your project.
