Oh no, not another plan!
Alright, I had some time to sit down and condense my ideas into a semi-coherent 'thumbnail' sketch that I am going to use as a reference for the final:
Basically, the things I wanted to show were:
1. The Elder God (obviously). He takes center stage in the piece.
2. The cult summoning him back from the depths using the Necronomicon (and a sacrifice, of course). I place them in the background on the left.
3. The hero making one last desperate try to shoot the cult leader before the ritual is complete and the Elder God consumes the Necronomicon (and the world!).
So what I want to portray here is a very dreary setting. I'm hoping the final will have lots of blues, blue-grays and red-grays. The ritual being conducted is sending a dark whirlwind from the Necronomicon into the sky, choking out the sunlight so it will need to look very dark and stormy. The Elder God I'm presenting here is going to look like he's been underwater for quite some time, with a slimy, barnacle-covered appearance as he looms out of the water grasping for the book.
The hero will be in a rather shabby suit with a 1920's-1940's period sniper rifle in his hand, staring down the sights at the head of the cult leader who is wearing long robes that are blowing in the wind. The cultists are bowed down in front of a pyre which will be the brightest light source in the piece and will be illuminating most of the cliff as well as add some interesting reddish highlights to the otherwise putrid blue-green-gray Elder God. Behind the cultists will be what looks like the remnants of a greek/atlantean type structure with a sacrificial altar upon which a dead woman will be laying (presumably the romantic interest for the hero).
Hopefully I can take the final image in the direction I want it to go, but I think the plan is a good one visually and provides some good balancing items for the viewer to examine. I might add something more to the right side but I kind of like the effect of the hero by himself on a neighboring cliff vs. the evil. It should evoke the same kind of helplessness most Lovecraftian tales illustrate.
Now that I have a plan, I've gone back and made a larger sketch of the Elder God, refining the initial design and bringing it closer to how I want it to look.
Some things I've changed:
1. Gave it a more defined (less bulky) body.
2. Reworked the mouth, adding a beak (which I think looks pretty cool).
3. Made the wings a bit larger, probably will need to make them a bit wider as well.
4. Adjusted pose to make it look more like it was moving forward and also reaching DOWN. In the original sketch I have the God reaching up towards the Necronomicon but what I really want is to show his size so in the final version the cliff will be lower and he will be reaching down for the book.
Now that I'm relatively happy with the basic design for my monster I can start on the actual final piece which will include the changes I've made here as well as some more as I improve his anatomy and musculature for the final sketch.
Okay, so I had some time on Sunday (5/13) and the ear of a certain Ben so I hammered out my final sketch with most of the guidelines and such still included. Next I'll do a light/dark value paint to start some color rolling.

You can see the full sized version here

:
http://i485.photobucket.com/albums/rr218/ProgZmax/deadlydepthsdone_zps4f9c3ae3.png~original