I've experimented with drowning spiral "staircases" (spiral ramps) - that is - a 1z wide path winding around an open interior. In the bottom, is a retracting bridge. Under the retracting bridge, are grates.
I think this is quite a good design. The trap is filled from above. Once everything is drowned, it is quickly drained by opening the bottom bridge, since water pressure teleports the water out. The water quickly flows down the drain, and as it flows off the spiral path, it takes items with it, and most of the items will end up caught in the grates. Then the drain is closed. Now here's the cool part, all those items are on the grates. The dwarves can now come in and grab the loot, even while the trap is drowning the next batch of victims.
The big benefit of a vertical spiral design, over a flat design, is that a flat design requires a lot of separate drains to drain quickly. With a vertical spiral path, all levels of the trap are serviced by a single drain. You can make the path in the spiral design very long, allowing whole sieges to be drowned, and still, all you need is that one bridge to drain the whole thing in moments. Quick cycle time, and easy recovery of loot. Being tall isn't a problem, particularly if the bottom level is right at your magma smelters for quick and easy recycling of loot
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Now this is all for a dedicated drowning trap. Obviously, if the idea is to have a section of the main entrance which can be flooded on command, the design has to be different, because you don't want to force your traffic along a long path. Still pretty easy though. Have the path dip down 1z, use ramps at each end - with the dip being the drowning chamber. Build retracting bridges in the space over those ramps. Dig downstairs into the floor of the chamber, and bridge over them (or bridge over open space along the edge of the path, if you want the system to flush items out of the trap to be caught on grates and recovered while the trap is re-used), the drains should stretch nearly the entire length of the chamber, because long bridges are cheap, so why not? All the bridges can be linked to one lever, and also a raising bridge holding back the water can be linked to the same lever. Pulling that one lever causes all the bridges to close, sealing the entrance, exit and drain, and the retracting bridge lets the water flood in. Pulling the lever again opens the drain, entrance and exit, and seals the water input, the water will drain very quickly. I like my traps to be 1-lever affairs when possible.