lee, I've built several ponds and redid one. The tractor pan would not be my weapon of choice.
I have to agree.
When it comes to BIG tractors and BIG pans, they can't be beat for speed and efficiency. It's economical to use them to dig and haul the dirt 300-600ft away. If I could only have 1 tractor and 1 implement to dig a smll pond, it would be a 300hp tractor and an 8 yard pan.
However, in my experience, pans do not scale down very well. They are probably harder on a compact tractor than any implement I can imagine. They don't hold more than 2 yards of dirt, so hauling time is exceedingly long. If the soil is not perfect (is it ever?), a pan will try its best to destroy your tractor and itself. With many soil conditions, you need to run your tractor pretty fast or the pan won't scrape efficiently. Also there's a tendency to run as fast as possible to haul and deadhead back to the pond. That's when your body gets beaten to death along with the tractor.
I would love to have a pan, but as expensive as they are, I believe I would find another way. Plowing the dirt around the pond deeply, scooping and loading it on a dump truck with as large a loader as possible is hard to beat. It would go as fast as a small pan, and is much easier on your tractor and your bones. A dozer, loader, and dump truck would be even better, but I know may be out of the question.
PS: Be careful of used pans. They take a lot of abuse and wear quickly. A little slack in a pan's moving parts makes it hard to use, and extra hard on your tractor and your bones.