Cary's idea of having the unit on shore and pumping water from the pond bottom up to it may be the easiest and most efficient way for a small pond. Air compressors will produce more CFM when they don't have to pump deep and the residence time of the water in the reactor can be controlled by the inflow rate. The trout farming industry uses tanks with inverted funnels to re-oxygenate water before returning it to rivers and it's application would do the same in this case. The weight of the water will return it to depth through a long enough pipe. You can pump from one end of the pond and return to the other. Testing the DO of the effluent will help determine the flow rate.