The funny thing is the figure technology is almost already there. You have the harness from Whiplash which looks very similar and the tentacles from the matrix squidy. His glasses look like sarah Connors. They would have to sculpt a bare chested fat guy but that's not hard. It would only need to be the torso so they could use TT legs. Get on it HT!
I'd be more inclined to say his arms resemble more of the hydrobot that came with final battle john conner..it even has the pincers, lights and spike in the middle just like doc ock's arms had.