I'm certainly no expert, but I know the peak stage with floods depends on the tributaries/streams feeding the lake and the amount of water the received as well as the when/where. So, it's possible it hasn't peaked. I sure hope it has. The fact they are evacuating people to drain it quickly doesn't bode well, though.
This map of the Trinty River basin shows that much of the flooding took place east of there.:)
(remember the heaviest rains were Lufkin, se and east)
http://www.crwr.utexas.edu/gis/gishydro01/Class/trmproj/schneider/main.h3.jpg
Meanwhile the lake level has dropped over a foot with the emergency release.
http://data.trinityra.org/Lake_Rainfall.php?step=7&drpIncrem=d&B1=Draw+Map
Looking better imo. As the lake level drops they can check out what damage there is and fix it. People downstream are lucky Rita didnt stall on the Trinity basin above Livingston.
Ps: that 117 mph gust was higher...the gage blew away!