Similarities include:

-"Summon Demon"'s level stars number 7, which is the same number as Lord of the Pit's mana cost (the circled number and skull symbols on the top-right of the card) when you add it up. (This sum total is what Magic: the Gathering fans call its 'converted mana cost').

-Lord of the Pit's type line, デーモンの召喚, is exactly the same as "Summon Demon"'s Japanese name, 「デーモンの召喚」, which is why I ultimately rendered its name as you see in the second image from the top.

-And its appearance, obviously. This was something that stayed consistent even early in the manga, as you'll see in these color pages:

Detail from the color title page for Yu-Gi-Oh! chapter 71, "Terror of the Sea", released 2 March 1998.

Detail from the color title page for Yu-Gi-Oh! chapter 96, "The Terror of the Dungeon", released 31 August 1998.

Even later on, Takakashi retained "Summon Demon"'s Lord of the Pit-esque general appearance and color scheme when creating his illustration for the card in the December 2008 Shonen Jump "Anniversary Pack":

Image from Yugipedia; click here for original source.

Fun fact! Lord of the Pit itself is based on the Balrog from The Lord of the Rings. Ancestral has an article showing off the playtest cards for the initial release of Magic: the Gathering, and below is what Lord of the Pit looked like during the later days of that game's development process.

Image from ancestralmtg.com, linked above.

As for why Takahashi would choose this card to serve as the model for Dark Yugi's main representative monster in "The Cards with Teeth, Parts 1 and 2" back in 1996?

I suspect it was simply a play on words! After all, early on in the manga's run Dark Yugi wasn't even called Dark Yugi yet. In very early descriptions and promo materials, the character was most often called 遊戯王 (King of Games), as in the title of the manga, 遊☆戯☆王.

And as you can see above, Lord of the Pit's Japanese name is 奈落の王 (King of Hell)! Takahashi probably couldn't pass up an opportunity to have the main character's big monster reflect its owner's name in some small symbolic way.

this is what DnDBeyond says about Material Components:

Casting some spells requires particular objects, specified in parentheses in the component entry. A character can use a component pouch or a spellcasting focus (found in “Equipment”) in place of the components specified for a spell. But if a cost is indicated for a component, a character must have that specific component before he or she can cast the spell.

If a spell states that a material component is consumed by the spell, the caster must provide this component for each casting of the spell. A spellcaster must have a hand free to access a spell's material components -- or to hold a spellcasting focus -- but it can be the same hand that he or she uses to perform somatic components.

So, if the material component has a material cost, an Arcane Focus can not be used. It also states that if the component is consumed by the spell, it must be available so it can be read as needing the component instead of an Arcane Focus.

Now, the material component for Summon Greater Demon is:

* - (a vial of blood from a humanoid killed within the past 24 hours)

There is no cost, so the material component is not needed if an Arcane Focus is used.

In the description of the Summon Greater Demon spell, however, it states the following:

As part of casting the spell, you can form a circle on the ground with the blood used as a material component. The circle is large enough to encompass your space. While the spell lasts, the summoned demon can’t cross the circle or harm it, and it can’t target anyone within it. Using the material component in this manner consumes it when the spell ends.