Excessive dietary intake of Na (i.e., NaCl) contributes to hypertension, which is a major risk factor for cardiovascular disease. Normally, NaOH and HCl are used to dissolve and precipitate, respectively, fish muscle proteins in isoelectric solubilization/precipitation (ISP), therefore contributing to increased Na content in the recovered fish protein isolates (FPI). Substitution of NaOH with KOH may decrease the Na content in FPI and, thus, allow development of reduced-Na seafood products. In this study, FPI was recovered with ISP using NaOH or KOH. In order to develop a nutraceutical seafood product, the FPI was extracted with NaCl or KCl-based salt substitute and subjected to cold- or heat-gelation. In addition, standard nutraceutical additives (ω-3 fatty acids-rich oil and dietary fiber) along with titanium dioxide (TiO2) were added to FPI. Color, texture, dynamic rheology, Na and K content, and lipid oxidation of the FPI gels were compared to commercial Alaska pollock surimi gels. FPI gels had greater (p < 0.05) whiteness, good color properties (L*a*b*), and generally better textural properties when compared to surimi gels. Although the ISP-recovered FPI and surimi developed similar final gel elasticity, the proteins in FPI and surimi had different gelation pattern. A reduction (p < 0.05) of Na content and simultaneous increase (p < 0.05) in K content of FPI gels was achieved by the substitution of NaOH with KOH during ISP and NaCl with the KCl-based salt substitute during formulation of the FPI paste. Although cooking and addition of NaCl during formulation of the FPI paste increased (p < 0.05) lipid oxidation in FPI gels, TBARS values were much below rancidity levels. These results indicate that KOH can replace NaOH to recover FPI from whole gutted fish for subsequent development of nutraceutical seafood products tailored for reduction of diet-driven cardiovascular disease.