Magic armor and a crystal of aquatic action
You can get whatever kind of magical +3 armor you want, but if Funguy the tendriculos is an otherwise normal tendriculos (and not trained for war—see here) then +3 keel (Stormwrack 160) nonhumanoid Large studded leather (Player's Handbook 123, 126) (9,300 gp, 42 lbs.) will have no armor check penalty. Then attach to the armor the augment crystal greater crystal of aquatic action (Magic Item Compendium 25) (3,000 gp; 0 lbs.).
The crystal negates armor check penalties on Swim checks and grants a swim speed. Also, the crystal causes the creature to suffer no movement or combat penalties underwater in a way that's explicitly like a freedom of movement effect. And, almost as an afterthought, the crystal grants the creature the ability to breathe underwater.
At a combined total 12,300 gp, the pearl of the sirines (Dungeon Master's Guide 263) (15,300 gp; 0 lbs.) is comparably priced, and there are certainly advantages to the pearl (e.g. cast spells, flat swim speed), but as an artificer, you can easily work your way up to this combination, likely being able to improve both the magic armor and the augment crystal as you advance in levels. Funguy'll need to armor up anyway, but you may want the pearl.
Note: This answer assumes that the tendriculos must possess a swim speed and the ability to breathe underwater constantly. Making the tendriculos aquatic by employing potions, scrolls, or wands is relatively inexpensive for an artificer although, obviously, only temporary.