Great thread!
My fantasies don't tend toward growth or transformation, just muscular supergirls. But I definitely remember several of my earliest fantasies. My memory betrays me on the chronology, but here's what I remember of my first three, in the order I *think* they occurred.
1) I think this was in third grade. I was into gadgets, so I had the idea of a team of special agents who used gadgets to do stuff. I discovered the need for an adversarial group. What's the nemesis of a third-grade boy?--a third-grade girl. What's the opposite of gadgetry?--brute force. So the most cootie-ful girls in my class became the Muscle Girls.
... And then I began to realize that I was more interested in the Muscle Girls than in the original gadgeteers.
2) The next year, I think, I happened to see
this book in a bookstore. I had time to kill, so I read it on the spot. There's some discussion of how to add muscles to the Wonder Kid costume.
3) ... so I began to fantasize about a girl in my class as SuperDuperKid. Her costume was red with gold; I was trying to be distinctive (from Superman, of course, and Wonder Kid's costume was based on Superman's) and I hadn't heard of the Marvel family yet. (I never did get into actual comic books.) I don't recall any of her adventures, but I do recall that sometimes I was involved as the brains directing her brawn.
Gosh, what a trip down memory lane! One final memory. After that year, the next time I saw that girl was our senior year of high school. We had a class together. By then she had neon pink hair (iffy) and a nose ring (a definite turn-off). But one day in class I managed to say something really insightful, and after class she came over to tell me that she'd been really impressed by what I'd said. :-D.
... And now I have the urge to try and write a story about SuperDuperKid.
-Y