Gnaw > Hunger > Hop to It is where I'm at atm. Also, if you filter by card strength, you could sort of say that Gnaw was the only red card in that pack.
I agree with your pick, otters have been pretty disappointing in limited unfortunately. I still would have picked Rabid Gnaw since it is excellent removal and non commital, but is also very powerful if you can get some valliant creatures later.
For sure! I was just looking at 17lands this morning and I was surprised to see that a lot of the izzet otters cards are not performing well at all. I didn't put a lot of stake in that archetype, but I didn't expect it to rank so poorly! But yeah, I'd be happy taking Rabid Gnaw as well. There isn't much great removal, and as you said, triggering valiant is an added bonus!