Absolutely providing your not going over 6 feet . You can set the level up 3 feet down into the pond so you have 3 up and 3 down. But heres the best trick. Any stick, pole, or even a 2x4 will work along with a marker. Your not building anything precise. Another solution for those who are not lucky enough to have a lazer. A clear 1/2 tube makes a great water level you can go smaller but air in the tube can affect the results. Water automaticky self levels . They do sell water levels as well and believe it or not these are more acurate in the long run its very easy to knock a lazer out of calibrationI have a decent laser level, but I don't have a grade rod. Do you think a simple yardstick will suffice?

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