Are these battleforce sets balanced? The squig riders look like they would be hard to win with. I don't know anything about them though.
The Chaos models look awesome, but I am not sure how I feel about all that gets included in these sets with the books. Maybe the box is a good way to store the models, I don't know if it opens like a typical GW box with a lid, or from the side how they are doing some now. Its a nice presentation, but just another reason why I just can't get into GW's newer stuff.
The Christmas Battleforces are really only good for starting a new army or adding bulk to an existing one. They're not particularly great unit compositions in their own right, although all but the Kruleboyz are pretty solid this year.
"Squigalanche" is definitely a solid way to play Gloomspite and something I've considered. Besides your normal squig herds, the hoppers can build light or heavy riders, and the mangler squigs can build either heavy cav or a Loonboss. Alternately, you can pick up this Loonboss on giant squig to lead them:

Pure squigs will be a very fast force that hits like a truck but is going to struggle with attrition, similar to how Brets used to play. For staying power, you could incorporate rockgut troggoths (see: rock trolls) and/or moonclan grots (see: night goblins) but then you're undercutting the hitting power of the squigs, so it's a give-and-take.
The box is just a normal open topped box inside a sleeve box AFAIK. I don't usually use them for model storage, but rather use them to prime models in and then just throw them out when they get too gnarly.