Your drawings are getting much better. The only thing I don't like about them is that theres no detail in it. Make your own detail up for him. Still I don't like the arms. They are OK but they need to be closer or just hanging down. 3.5 dragon points.
However, you got a few problems: your thumbs are wrong, his waist is too small to support such a large torso and there is something wrong with his legs.
Yah, for paint it's okay I suppose. I'd like to see some shading... if you had the patience for it, I don't know. But I kinda Like reptiles slow transformation. A charater who sees grows in ways such as this is hard to come by. It would be cool as an alternate costume though.