It's already much weaker than the storm and fire versions. Ice = 91-101 damage per pip, the storm and fire versions do 130 per pip. Your "solution" would make it overpowered.
How exactly do you get ice hound anyways? All I know about it is that you can get it from a no auction amulet. In my opinion, if you have to farm to get something it should be worth it and if the ice hound card is not trainable then it should have a few perks to it.
It costs 7 pips, so it isn't a very efficient card. Opponents have a lot of time to shield, place weaknesses or dispels, force that player to heal, etc. A slightly more efficient spell is Blight Hound, another treasure card, which deals 435-515 damage at 5 pips.
If you need to play Ice Treasure cards, consider these choices: Arcticzilla, Blue Phoenix, and Frostzilla. They have more damage per pip than any other ice treasure or item card.
Ice Hound doesn't exist as a learnable spell, only as an item card or treasure card, so it can't be enchanted with monstrous, gargantuan, etc.
You may be interested to know, there is a pet that gives an X-rank ice damage over time card. Hail Hound (from the Rescue Rover pet) gives 120 per pip damage over 3 rounds.
That's 130 damage/pip. At 7 pips, that's 910 damage, over 3 rounds.
Comparing apples to apples, the Ice Hound is weaker than it's storm and fire equivalents as far as overall damage delivered (per pip spent), which is consistent with point 1 that you made.
