Beautiful graphics. Don't lose the lure!
A couple of thoughts/opinions, though:
1. I have to say, I hate the name, just because it's so derivitive. IMO, this guy deserves a unique name.
Here's a whole list of Lovecraftian entities:
http://en.wikipedia.org/wiki/Great_Old_One#Table_of_Great_Old_Ones
Maybe "Cthylla?"
1. I'd add stealth (0), since that's a *major* tool of deep undersea life.
2. I think it should be female. Maybe this is Dagon's "mate"?
3. Possibly lower Poison Res to 50%, because deep sea creatures tend to be a bit more fragile to environmental stuff. Plus it'd help balance my other two suggestions.
4. I'd love it if the lure gave like Awe (0) or some other appropriate ability, but I don't know how it could be balanced out.
Anyway, great work! Actually got me to post, which is pretty damn impressive.