This is how I prepared my giant Squid, it takes a little time and effort to get good results but it is worth it and...absolutely delicious! Some guys are stomp'n em' and throwing them back...if you tasted this...you would realize what a crime you just committed.
First before I did anything I took a little piece and cooked it just to see what i was dealing with. It seems to me that different grades or sizes of squid have different levels of saltiness and amonia-smell-flavor...So after tasting it, I found it to be a little on the salty side, which was expected, but no detectable amonia flavor or smell...the squid had good flavor but with sauce it would be too salty. So here is how I processed my squid.
Step 1.
Soak the squid in Iced milk, for at least a day.
Step 2.
Lay out the squid and cut into manageable size pieces.
Step 3.
Peel off or cut the white membrane off the inside and or outside. With a little practice you can cut it off in one solid piece. If you don't you will have a stretchy piece of membrane between your teeth....not a big deal but it grosses some people out.
Step 4.
Tenderize
Step 5.
Cut into strips and fry'er up! Flour/panko...lemon, cocktail sauce, tartar...how ever you like your squid.
