Once you get the goblins in the pit, its really up to you what to do with them. You can do a short fall to keep healthy goblins and kill them later, you can do a medium sized fall to incapacitate some of them but keep them alive, or you can do a deep fall to make them explode. If they survive the fall, you can do what you want at your leisure. Keep them trapped in that room for drowning/magma, or have a bridge open up allowing them to path to their escape, and give them more traps along the way. Upright spikes in the pit you can leave up for extra damage on fall, or leave down and only use as a failsafe - although covering a whole pit with upright spikes and linking them is a big job. One of my current favorite ideas is an all-of-the-above approach, with options for drowning them, finishing them off with melee troops, or pincushioning them with marksdwarves (the benefit here being live targets with armor, that can't run out of range or return fire, and giving kills and experience to your markdwarves).
problems are... if a squad leader dodges, the rest of his squad may try to path to him instead of moving towards your fortress and the other dodge-traps. If your traps are too lethal, some goblins might run away and escape, when we'd much prefer to capture them in our pit. You can send your military to the pit to kill him. If they kill him and the goblins keep attacking, more will dodge into the pit and land on your waiting squad, which might get overwhelmed. On the other hand, the landing goblins will all be stunned and have a few limbs broken, allowing for quick headshots.