This is the really deadly (and really ugly) #Grell, another LJN-made D&D monster bendable #toy which likely got little to no respect in the early 1980s.
There’s a lot going for it. Brains, tentacles, and … a beak. The Fiend Folio creature has these features, but the accompanying illustration is better than the effect here, which is sort of brains-on-a-cracker with green extremities.