Kudos to Ursula for not falling for the oh-so annoying [and incorrect] pluralization "octopi". Octopus doesn't come from Latin, so the -us doesn't go to -i in the plural. But even if it did, it's an english word (no roman ever said the word octopus), so it follows the usual rules for pluralization.

The only alternative plural you could possibly use is the ancient Greek - which is where the 'pus' comes from. It means 'feet', and the plural is podes. So you won't hear me rant if I see the word 'octopodes', but I'll still think you're annoying :)

As for the ring, I think it's beautiful. I don't see anything wrong with it - as long as the jeweler isn't catching the animals for the sole purpose of casting their little legs.