As early of a version as it is this is great already! Both the drawn art and pixel art are excellent, and the general style as well as the transformation mechanic remind me a lot of Shantae, particularly Pirate's Curse.
I hope that on top of the CGs we can also get some lewd pixel animations in there, possibly implemented into the gameplay somehow. Not that the CGs are bad in any way, I just enjoy animations more and the characters aren't too pixelated to make it work. It could also be a way to make Fawn's true form consistently useful as being the one you need to use in order to seduce enemies or something along those lines.
As for the gameplay itself it's solid so far, my two critiques would be that Fawn having a voice line every single time you defeat an enemy gets annoying quickly and I think those could be reserved for when you defeat bosses and/or mini-bosses. The other is that choosing your different forms is a bit cumbersome, perhaps rather than needing to swap in the menu you could hold the transformation button to bring up a small menu or something that lets you quickly choose which form to take?