1567080:1st: No, target ally will have only -1 health no matter how many damage you do.
Plague Strike doesn't say -1 health for each damage dealt.
2nd: Forst Nova doesn't target. It does 1 damage to your hero and to every ally in your party.
So Frost Presence don't affect Frost Nova.
For a card to target, it must contain the word target.
3rd: When you use the power on Death Grip, in response the opponent can use the power on Water Elemental.
The power on Water Elemental will resolve first doing 1 damage to everybody in your party and when Death Grip effect resolves, Water Elemental can't attack because it's already exhausted.
Even after Death Grip resolves the opponent can use the Water Elemental's activated power at any time thus rendering it unable to attack. Death Grip states they must attack if 'able' it does not state they cannot use their powers, effects, or activated powers.