I had to vote for the maskless mini-comic version and/or the 200x-version. The original toy version is just ... lame ... to me.
As a side note, however, I never understood how that "human" form was an effective "disguise." I mean, really? It's only going to work once ... as soon as the heroes see him rip off his humanoid skin that first time, it's all over.
That, and HE'S THE KING OF THE SNAKE MEN. Everyone is going to know what he looks like in either form.