Dont most quarries have pumps running all the time to keep the rain and ground water out of them? I'm sure that wouldn't be a cheap process to keep up.
I know of one down in Ohio that they turned into a state park...they built a nice beach around it, and let it fill up, it's a damn nice place now.
The one in Monroe off of Monroe street and Dunbar is now almost full after they started letting it fill up 4 or 5 years back, and they are building some nice homes around it. So unless you are in a very dry area, I'm sure you will have a lot of water issues.
I'm not saying it's not a good idea, but in this area as close to the lake and as low as we are...I can't see I staying dry for long. But it is worth checking into, I would love to have a place to wheel close to home.
Damn, posting on this iPod is a slow process...everybody beat me to the punch.