We had a version of Goonies on VHS (taped from somewhere) that omits the octopus scene after they go down the 'waterslides' to the pirate ship. The end, where Chunk mentions the octopus is still there, though. For years my sister and I thought Chunk was just making that up since it plays to the character. Then, we saw the movie with the octopus sequence intact...
Regarding actors and actresses being noticed upon repeat viewings - happens with Band of Brothers whenever I watch it. Simon Pegg, Michael Fassbender, Jason O'Mara, Jamie Bamber...I either didn't notice any of them the first (or second, or third in some cases) time around or they became 'famous' to me after I'd seen BoB many times and I noticed them then. In fact, I just noticed Andrew Scott (Moriarty in Sherlock) as "Cowboy" Hall a viewing or so back.