I think it could be reduced cost wise. Or be given other abilities, such as island walk. I like how your take on grandeur abilities at common feels right, but the creature stats leave me feeling lacking.Actually my biggest issue with this guy is his cost. He doesn't really have a place to be played. Getting multiple copies of the same card is extremely hard in limited, which is where he would shine if you could get more copies. And in constructed, they have much better options to spend 7 mana on.
The reason I'm designing these cards to be less than stellar is so they get picked later unless you're focusing on getting multiples. It's not to difficult to get three of four copies of a mediocre card in a draft. Another thing to note: Blue doesn't get many big common creatures without some sort of drawback; usually Islandhome or some such nonsense. I suppose we could give him the drawback suite and reduce his cost.
I like the new version quite a bit more. 6 seems a lot more reasonable
As strange as it may seem, I liked him at 7. He wasn't as good, but he was still playable. Not every card in a cycle has to be amazing. Because his ability is so strong, I would do my best to play him any way, especially in a titan-less format. The draw back is fine, but I think it could be more flavorful.
The drawback is based on the history of large blue common creatures. Most of them have islands as the base of the drawback unless the block theme says differently.