Squeeky,
I agree that having a drain is good, however, I am asking why 2 vs. 1? If your drain is too small to handle the required capacity, why not go larger on that drain vs. installing a second one? I am also assuming a riser on the dam (1 - 1.5 feet?) which will handle the excess water until the lake can drain. Excessive flooding could be handled with the emergency spillway.