Materials:
Long Shank 4/0 or Larger Hook
White Thread
Large Silver Molded Eyes
Pink Waterproof Highlighter Pen
Black or Blue Permanent Ink Marking Pen
Pearl & Pink E-Z Shape Sparkle Body

• Tentacles:
  8 Short, Slim White Hackle Feathers or
  8 White Ostrich Herls
  2 Long Slim White Hackle Feathers

• Body:
  White or Pink Sea-Fibers
  
• Fins:
  Cut and shaped from the base of two, wide, white or pink saddle hackles (left and right-handed).
  
• Optional:
  Ultra-Fine Blue Glitter; Wire wrapped around the shank for a weighted pattern.

1: Go to work with the pink highlighting pen, adding pink streaks to all of the white feathers. Dot the two longer hackles with either a blue or black marking pen. Lightly coat the saddle hackle "fins" with Softex or a clear flexible cement, and set aside to dry.

2: Build a small "ball" of thread as far onto the hook bend as possible. Tie in the eight short feathers behind and around the "ball." Flank the shank with the two longer hackle feathers, turned outward.

3: Wrap toward the eye and begin building the Sea-Fibers body, keeping the cigar profile in mind. Tie the thread off tight behind the eye, and go to work with sharp scissors to complete the body shape.

4: Squeeze a small amount of Pink E-Z Shape next to a healthy dollop of the Pearl onto a piece of foil. Carefully mix small amounts of the Pink into the Pearl until you get a light pink. Add a shake of the blue, and use a small craftstick to apply the mix to the squid body with the grain. Use a only light coat to bind the fibers. As you work around the body, add a little more of the pink to the white so that the coloration isn't static. Blend in a couple of pure pink streaks, and finish off by squeezing a shot of the pink into the "mouth." When dry, this will add a target color to the head and provide a base for the eyes.

5: When dry, trim the errant fibers, then cement the eyes in place, using the Pearl E-Z Shape. Place the eyes as far back on the body as you can manage.

6: Run a bead of the Pearl along each side of the body from the hook eye, and set the "fins" in place. It's a little tricky, but the E-Z Shape will soon hold the "fins" in place, and when dry, glue them to the body.

Option:

In one of those odd instances of chance, I discovered that the globs of dried E-Z Shape that were on a piece of aluminmum foil could be peeled away cleanly. Sure enough, I was able to build a thin, wide circle of the Pearl and Pink mix, and peel it off the next day.
By folding the circle in half, I could cut out a heart-shape, then cut it in two to create two matching "fins" that were also "glued" onto the squid pattern with Pearl E-Z-Shape.
It's more work, and tougher to cast, but it presents a more realistic profile from beneath.

7: Hope that a bluefish doesn't come along on your first cast.