I can't comment on the visibility conditions in your lake. It's going to depend on the water source, the sediment, and whether the lake gets really stirred up or not. You'll have to ascertain that yourself on your first dive. Heck, you'll probably want to do a few test dives, without a detector, just to see.
Do some research, and try to find out where the old swimming beaches were, if you haven't already. This is where you want to do your test dive / scouting around. Try to find the anchor balls for the old dive platforms. This is usually a big ball or block of concrete with a chain attached. That is the area you really want to concentrate your efforts in. If the water's clear, try fanning a little of the bottom away to see how cloudy it gets, and how long it takes for the silt to settle down.
Have you considered trying to find a used CZ-20? The old ones are pressure-rated to 200', and the newer ones are rated to 250'. They aren't being made right now, so finding them is hard, which is probably why Gulf Hunter didn't mention it.
You also might want to look into getting a Vibraprobe 560 pinpointer. It's waterproof, but I'm not sure how deep. It will help you locate the small and/or hard to see targets. Silver coins will corrode even in fresh water, and they turn dark, and might be hard to spot. Gold will stay nice and bright. Keep your eyes out for bottles. You just might recover some nice older bottles that are highly collectible. I would recommend using a ping-pong paddle to fan with. You don't want to snag your fingers or even your gloves on fish hooks or broken glass. A mesh bag with a velcro closure, preferably on a strap, is good for a "goodie" bag. Be sure to remove all the trash as well, that will help you recover more targets at a later time. If there's a lot of iron, tin cans, bottle caps, or other magnetic targets on the bottom (like Canadian clad coinage), use a strong magnet to sweep the bottom and try to remove the magnetic junk.
You might want to contact Royal on this website. I know he hunted several Victorian-era swimming resorts up in Michigan, and can give you some advice.