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From what I have read of this post, Latin doesn't really use nouns as adjectives in the way that English does, although that post mentions you can use a noun in genitive case to achieve this. I am translating "Crater Lake" as the name of a location, and came up with the following based on that advice: Lacus Crateris.
Does that make sense?
That sounds perfectly fine to me. You are correct about the genitive. An alternative could be Lacus Craterae; for both crater and cratera exist, with the same meaning, which includes the drinking-vessel and a volcanic crater.
It is conceivable that the Romans might have used an adjective, like ?craterius or similar, but I have not found actual use of this.
P.S. A famous crater lake is Lacus Avernus, where the entrance to my world is said to lie.
On the other hand, it is perfectly classical Latin to use a proper noun and a common noun in apposition as in “urbs Roma”. If you want to take “Crater” as the English name of the lake you can write “lacus Crater”.
