Nice design. I just talked with Master of Chaos, he told me he wants more arms. Maybe with sizes and shapes variations.

Nice visual language, now that you're gonna have to do the illustration, i'd advise you to have his cape flow a little bit, as to differentiate from the body, because you have some nice shapes going on in the body, but they're all nullified by the cape that surrounds all, and give a square shape.

First look very interesting !
Also third, but definetely 1st (just hope you have enough time) !