Bit of a hard call McFarm...
Traditional purpose built aquaculture ponds usually go to great lengths to filter their source water to screen out competing aquatic organisms....
Partly so as to allow good natural feed for the fish... and partly to screen for contaminants and disease carrying organisms..
Dams on the other hand are usually just low intensity, natural feed water bodies... stocked lightly and left to their own devices...
Water from either is often drained to settling ponds... particularly after a drain harvest.... or pumped to field crops... or wetlands/reed beds....
As you say... setting up a growbed style aquaponics operation would be both costly, time consuming and probably IMO ineffective....
Ammonia levels in a dam situation... with low stocking rates are likely to be low... and dealt with by natural algael bloom processes....
RAS operations generally... (other than deliberate green water culture)... avoid bloom creation and management... go to great lengths to remove solids and fine dissolved solids and particulate matter...
Both for stocking density reasons, feed management and fish health....
You could try running an NFT style operation where you pump some water to a holding tank...filter the water and either use it straight in the NFT... or as a base for hydro nutrients
IMO... the dam would be stocked so lightly, that nutrient levels wouldn't be sufficient to promote viable, sustained growth....
And as the water is constantly refreshed by the "spring" and other periodic inflows... trying to maintain a nutrient level... without generating an algael bloom and managing it...
Would IMO just not make it worth while... other than as a field crop irrigation...
Pond/dam based aquaculture.... RAS... and AP all have required differences in managment of feed and water quality...
And you need to decide where you focus lies IMO... and manage accordingly...
Using the water from the dam as a source for a RAS tank... carries with it the need to extensively filter it, possible and difficult to manage contaminant issues... both water and airbourne.... and disease issues...
And nutrient enrichment/ algael control and DO management issues
Particularly if you were attempting to recirculate back through the dam...
Used as a source water, appropriately filtered.. for a seperate RAS or AP system... very possible...
If used in a RAS system... then ultimately you'll need to deal with solids filtering management... and nutrient water disposal...
The examples of Barramundi Blue and Taylor Made shows how these issues can be effectively addressed...
And you could always setup a UVI style floating raft system using the source water....
