Waterbug
I would love nothing more that doing what you suggest but have numerous constraints, including a french drain at the very top of the dig site that drains the yard (sloped towards the house). I've found that and know exactly where that is, so that's my starting point. I may be able to expand on the lower side some, but I'd like to leave that option open for the future. Honestly it took me 2 years to do my first pond, and that was only 1000 gallons. This one is bigger and much more challenging. It's a big hole and I'm one man with no help, so if I can't do it, it won't get done. My target was to finish this summer. Right now I'd be happy to finish before the first frost.
The retaining wall is a must I believe. I've left at least a foot of clay around the 3 middle pylons of the deck, but recognize that they need to be shored up. I'll research putting in a granite rubble footer, with 3 or so rows of concrete block with rebar and cement. I have carved out a level step about a foot below the waterline on that side, and about 16" in width. I'm wondering if that will hold the wall, or if I have to go to the bottom of the pond.