I have done a fair amount of personal backhoe work. The perfect companion to it is some way to move the dirt, usually a dump truck/ trailer of some sort. My buddy and I often say that it should be a law that if you buy a backhoe there should be a dump truck with it as standard equipment.

Digging in water is tough. It can be done, but I don't do it unless it is absolutely the only way to get it done. How deep is your pond? Can you drop the water level down for the summer to expose the edges you want to work without fear of losing your fish. Is your dirt all clay, or do you have to re-line the pond bottom when done. Is the edges deep with muck, or is it solid dirt. How much dirt/depth/area are we talking about removing. Cubic feet can add up fast. Will the backhoe reach all the way out to the point you need to reach.

Lots of variables that will change the method of attack.