
Dragonchess Player |

Yes, it's RAW legal.
It can even be managed as early as 5th-6th character level, as long as the character can purchase a scroll of permanency (enlarge person) for 3,625 gp and make the DC 10 caster level check.

Claxon |

It's legal, but as a GM I would say you're just begging for me to hit you (or your familiar in this case) with dispel magic.
It also makes your familiar a much larger target (both literally and figuratively). As a GM I normally leave familiars alone, assuming they don't meaningfully participate in combat. The moment you start riding one around, have it deliver touch spells, etc I'm going to start trying to kill it.
So...you can't do it, but I recommend caution. And if I were your GM I would advise you against it with the knowledge that it would now become a target.