Hi Chris
If you have clay soil, undergound water and space, go for it.
The clay contents should be at least 40%. The best is to dig a small hole (1 x 1 x 1.5 deep) fill it with water and see how it holds the water overnight. If you have to import clay, it might become quite expensive.
Most mud dams do not have pumps but you do need aeration, depending on your stocking density.
Another cost factor apart from the obvious, the digging, is the nets. You will have to cover the whole pond.
You do need a bottom drain to flush the dam from time to time.
You also need approval from the local authorities to do a mud pond, and they can be full of nonsense and have silly requirements and might insist on an environmental impact study. A lot of people do it without approval, but it can boomerang.