Thanks all, great thoughts!
Good point about simulating the live, not dead squid. I looked at a youtube video of squid underwater, and while there are some reds, there's also a translucent, glittery, pearlescent color shift thing going on. Read another post here that linked to glitterunique.com and saw some really interesting stuff. Might go with the micro-glitters as suggested, mix them up a bit, or also the hologram glitter. Cosmic Holo Micro Flakes looks really great!