Soo, I was thinking about design of this character and made more raw sketches on the paper, so I'm close to the final look of her. I'm going to clean them up later and post here, but as the character sheet is no needed I want to focus on main illustration's presentation.
Now I came with little update of an idea of the illustration. I pushed my propositions more and chose the one I liked the most - the first one.
I've chosen it because I like the composition of main character on the left and destruction she's making on the right. I think that tentacles can help to make a path for eyes to read the illustration. I want to show her anger and power so I will try to push that pose more.
Here's an update
Oooh and I thought that her gills could be in a shape of the emblem! Does that count? 

I know my sketches are quite messy, but still - C&C are welcome!