Yeah, it's gonna reduce sediment, but that alone won't do much to decrease the peak flows, which have ripped the stream down to bedrock in some places. Some of the best pools have been lost because of bank structure getting ripped out by floods.
The only way to increase the capacity of the duck pond though would be to raise the embankment all the way around including the portion that runs along the spring fed channel. That would easily cost several million dollars.
With that said, it is certainly possible to do, and I welcome any improvements to that stream, as it is still suffering from the poor stormwater practices of 50 years ago.