Thanks a bunch for the responses. I was getting worried because if I waited much longer, I'd be sharing the tree location with gators while I worked.
The common theme here is that I should cut lower on the trunk. Aaron, yes that was my misguided attempt to select a leader. I guess I didn't want to go so far down that I killed the branch, thinking I could clean it up later. I imagine that it would be better to make the cut once and make it right.
One thing that might impact where I should cut back to will be the high water mark on surrounding trees. Would it hurt the tree if the whole thing were submerged for a month in the middle of the season? I think that if it would set the tree back severely I might want to measure to the high water mark on surrounding trees to see if some of these potential cuts would be viable. With a that in mind, there are 4 potential cut sites that i identified in the attached photo and i will leave it to the experts to select the best looking one based on the aesthetics of the base of the tree. For reference, the base of the tree is about 6 inches in diameter.
So my final questions before I make any final cuts will be:
1)Will it screw the tree if the cut site and potentially even the entire new leader ended up underwater for a month?
2)Should I show preference for the new leader and direct the tree where to focus its growth by removing any of the other shoots, such as ones sticking out of the nebari, or ones that are too low on the tree to be usable as branches? Or should I let it go nuts as more branches will help the tree's health over the coming season?
3)I dont have time to order and have cut paste shipped before the water gets too high. Gorilla wood glue, Elmer's school glue, or another substitute that can be obtained in a big box retailer?