Hi Daniel,
I would say highly unlikely that such a dug and dammed pond would seal with a sandy base. You need good heavy clay. However, anything is possible! I would also be concerned about installing a large dam in a primary valley, as you cannot control the inflow, and may flood your dam during a freak weather event.
I would check out the PondBoss forums, at
http://forums.pondboss.com/ The community there is incredibly knowledgable and friendly. Ask away with your questions, folks are glad to help. Definitely get a good plan, endorsed by experts, before you start moving dirt. Ponds are easy to make a mess out of, but done properly, they are incredibly satisyfing. I completed a similarly sized pond just over a year ago and it is awesome. Trout are jumping, kids are swimming, and the farm is better irrigated that ever. It is worth it!
Good luck and let us know how your plans progress!