My favorite design so far is Calad's, followed by Birkal's. I feel they make it clear we are talking about a Bug/Psychic best. They both have the right amount of humour as well, cockroach magician is sure to appear nowhere else!
If I had enough art talent to make a real design, I would try to do something along the lines of that smoking caterpillar from Alice in Wonderland. Psyche-delic sounds a bit like Psychic.... I guess.