Neat but can you have it at the upper pond then and just pump it all back up?
Sure, you can the falls at the top of the top pond. You can easily add a waterfall box above the top pond and have that be the source, have the water flow all the way above the top pond to the waterfall box, down through the top pond, downstream into a lower pond, and then pipe the water back up the hill to the waterfall box. I have that sort of set-up. It's just a massive waste of perfectly good flowing water that could be working as a filter, but it's definitely do-able. If you really like expansion and gardening (and it sounds like you do), you could add a bog pond above the main pond and accomplish really effective filtration if you pump up to a bog, then let that flow down into the pond. You can still add a second pond, making a stream from the upper pond into the lower pond, and then pump the water from the lowest pond back up to the bog, having basically four water features (a bog, a top pond, a stream, and a lower pond). The bog is a heavily planted pond mostly filled with pea gravel that acts as a filter. The water is pumped up through the bog's gravel and plant roots, where it then flows over a weir (waterfall) into the pond. A bog generally falls into the pond via a weir, so is a waterfall in and of itself, but if you do not have space or the funds to build a bog (gravel and plants gets expensive fast), you can instead add a waterfall box to your current build to get a waterfall at the top of the current pond. Waterfall boxes are often set up as bio-filters, but are never as effective as a bog will be. I would say just making a bog pond on the up-hill side of the current pond makes the most sense unless there is not room to do so (or you could make your current pond the bog and then make a larger pond downhill).
Here is a massive scale overview, but many people here have built small scale bogs using just PVC pipe and a small wetland area. Bogs can look very natural and look like a second pond, but with the benefit of adding massive filtration functionality. Here's a
small-scale bog feeding into a pond via a little stream, but it could just as easily be a waterfall from the bog to the pond and if you make the center of the bog into a well with some deeper water, it can look very much like just a second pond with the edges nicely planted. Being on an incline works to your advantage so long as you have room to build on the uphill side.