I was thinking size -3 or so. And probably somewhere between might 15 and 25, depending on what the powers end up needing. I'd probably work out what the powers need for each possible might level so I can work out which is the most useful.
Edit: As for a might 40+ butterfly. It's a butterfly of storms. Somewhere, it flaps it's wings, and then there's a storm or a hurricane.
If someone really has a great vision for a character with a might 60 butterfly as a familiar, I have no problem with that concept. I'm even willing to work with that player on exactly what this butterfly is and why it's might 60.
However simply writing it on a character sheet doesn't mean the character arrives at the covenant the next day saying 'Hi, I want to be a familiar! Any takers?'
There's a story to be told there. The player has a reason to pursue the story. This sounds like a good combination of things for me.
I would give them a fairly small might. Even if it was the God of all Mice I would make it way bigger than a standard mouse. Other than that give it appropriate powers. A mouse can probably burrow through anything and destroy plant products for example. Or it could be like a fire butterfly which makes pretty little (but deadly) flames.
Point is it doesn't really need anything special other than an awareness that you probably will have a vastly higher lab total than you need.