Boilergeek,

I think we need a bit more information.

Can you determine the use of the old pit? Was it a rock quarry, a sand pit, etc.?

When it fills with water in the wet years, is the water surface runoff or is it subsurface ground water? If you don't know, is there a berm of spoils around the pit that blocks surface runoff, or is the pit at the end of a waterway across your farmland such that it appears to be designed to catch that runoff?

I ask all of those questions, because your required work on that pit to turn it into a pond varies greatly depending on how the water currently enters AND exits the pit.