i voted for -1 ability cost because 3 to freeze a creature for 2 turns is quite expansive (1.5 /per turn) while compared to freeze (cost 2 ) for the same effect. i think it should be lowered to be the same cost as freeze/congeal because it seems pretty fair like that.
i see this card better played with aether (synergy between the squid and mindflayer) and you gain access to quintescence. which is pretty neat.
I thought Freeze lasted 3 turns, and Congeal 4 turns, so 1 turn would be 1
for the unupped version, and 0.75 for the upgraded one, so thanks for clearing that up.. besides, lowering it to the same cost as Freeze/Congeal has sounds ridiculous, because the Squid acts as a spell-on-a-stick - which means that you can reuse it which gives you a card advantage.
I stand by my suggestion of lowering its attack power and increasing its defense.