I think it's better to stick to the canon: leave the shield only for the Greyd, and the Dragon's Breath as well, although it could be omitted, and the Altgreyd could get an explosion like the Horned Demon, plus a Fireball. Then, the Greyd would be offensive, like in the third game, and the Altgreyd would be semi-defensive, but also capable of defending itself in an environment of enemies.
Personally, I like this idea more!

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NCF - мод, добавляющий дополнительных существ в HeroesV 3.1