Here is an old thread that discusses moving an octopus (not the best discussion but the only one I could find). And here is an
entry in OhToo's journal with video of the capture and transfer device I like using.
Personal experience:
IF you can get your temperature, salinity and PH to match for both the new and old tanks, I would NOT acclimate. Acclimation will be more stressful than just a quick catch and release. I would even do the quick transfer method if the temps are within 2 degrees. Here is my favorite transfer device. A bag is not going to work very well and I would suggest something rigid instead. The beauty of this little "fish bong" (officially,
Kordon Fish Catcher) is that there is a hole in the handle that allows air (or excess water as you move it in the aquarium) to escape where a totally solid container requires fighting the air and water pressure. It is designed for small fish but will hold a fair sized octopus. You WILL have to cover the top with your hand and move quickly to the tank or another container (I would even suggest keeping a bucket underneath). Transfer of OhToo was unbelievably easy but other transfers were more of a panic.
When we put Cassy in Tatanka's tank for a mating date, I used a plastic drink pitcher that I could comfortably place in both aquariums. Because there are not exit holes, the water pressure was somewhat problematic and we had problems covering the top with one hand while Cassy tried to clime out but would still be far easier than using a soft sided bag.