I've used squid for cod, it works just fine. Cod are pretty dumb, they'll eat anything. (which is why I like them!)
The squid does lose its flavor quickly, so keep a fresh one on. Rig them up whole with a tandem hook.
Also of note, many of the mates on party boats hate it when guys use squid. They have the opinion that squid somehow miraculously attract dogfish, more so than other bait. I broke out a box of calamari a few years ago on the Capt. John and the mate didn't like it, but I did catch just as many cod, if not more, than the guys using clams. I caught some dogs as well, but so did everyone else.
I like the idea of having a different bait when fishing on party boats. Another good bait is fresh steamers. Shuch them ahead of time and throw 3 or 4 on a hook.
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