Thanks again for the information, your input and history. I checked with the WI DNR and found this report.
I appreciate the information on the Lake Association. There is a Comprehensive Lake Management Plan on the website. It was produced in 2013 and it appears the WI DNR has been actively involved with the Lake Association. After ready the plan, the underlying issue is that Lake Mildred is simply not able to produce enough "food" to sustain an abundant, diverse fishery. So I don't know what can be done. Perhaps encouraging anglers to keep smallmouth bass or a "slot size" limit would lead to increasing their size while reducing their numbers. It is certainly worth further investigation.