Thanks for the read sooby, I was attempting aeriation today with The tractor disc. The soil was definitely compacted on one side. I drug the disc about 1-1/2 - 2" down and the standing water did soak into the soil somewhat. The mulch is something I could easily do if that might help.
A little bit of further info, the guy at the fertilizer place recommended the following
18-3-6 classic @ 2-1/2 gallons
Sprint 330 iron @ 5lbs wettable powder
Essential 101 @ 2-1/2 gallons
Recommended I inject around the roots about 40' in diameter from the trunk.
As I said, I've done nothing. It's just hard to stand by and watch it wilt