Do NOT do this trail as a loop! Lost pond trail is, well, lost. Also, a note of caution: all of the trails are marked with blue blazes and markers (some of which have different random nature symbols).
The lost pond trail is listed on the pamphlet as only being .75 miles, but I would be incredibly surprised if it is actually that short -- although we spent quite a lot of time going around things, and trying to figure out where the trail continued, so there's a chance... For most of this trail, the trail itself doesn't really seem to exist and you have to wade through ferns. There are frequent enough blazes to not get lost, but only barely. Sometimes, the trail marking would be on a downed tree. It was extremely muddy in spots, and I almost lost a shoe. Finally, we reached a small pond where the trail seemed to disappear entirely. As we looked closer, we noticed a marker on a downed tree that was clearly beaver work. We eventually found the trail again by taking a hard left at that marker. When we finally made it to the *marked* Blackburnian loop, the trail became more "trail-like", although still poorly maintained. From there, the trail spits out under an electric tower, where we took a left. We assumed this to be Old Florida Road. Road is pretty euphemistic. We walked along this road until we found the Busby trail again on the right.
When we told the park ranger at the campground that we hiked on Lost Pond Trail, she seemed surprised. She told us that the beavers kept moving the pond, and they had to keep moving the trail to keep it both going to the pond and not through the pond, which is why the trail is called "Lost Pond". However, they've stopped maintaining it, because the beavers were winning the fight..