So does the release of S.G. Fizz come with nerfs?

Similar to Zed, I'm looking for nerfs that target the frustration of playing against him.

If I were you, I'd target his E's cooldown at later levels and damage per level. As of now, it's the go-to max first ability, and aside from the increased mana cost, he isn't punished at all for it. Lowering the damage later on forces him to choose between the safety of maxing E and the damage of maxing W. Right now there is no choice because E's damage is high enough. As for the cooldown, 8 seconds sounds like a long time until you factor in zhonyas and cooldown reduction. At 45% that 8 seconds turns to 4.4 seconds, add zhonyas into the mix and you've got an extremely small window to kill Fizz.

Speaking of small windows, with that same 45% cdr his ult at level 3 is on a 38.5 second cooldown. Doesn't that seem a bit ridiculous for an aoe knock up with a 1:1 ap ratio and 20% damage amp for 6 seconds?

Cooldown isn't hard to get anymore, Fizz needs to be nerfed to compensate for the majority of his items being buffed. 10% from Zhonyas, 10% from Abyssal, 10% from lich bane, 10% from boots, and 5% from masteries. You've even got options to mix it up if you'd rather not get abyssal or boots, grab morellos or nashors.