Well, I suppose that's one way to end it, but I think the intended ending is to get to the moon. Grow as much as possible once you're at the top. Then the "moon" becomes visible and you can easily jump to it. From there you can shrink down and jump into the moon. You'll get a win screen shortly thereafter.

Ken said in the comments on Gamejolt that he intends to develop it further.

A new game by Ken Grafals of http://falldamagegames.com/

http://gamejolt.com/online/games/platformer/specter-spelunker-shrinks/1865/

It uses Unity, and there's a gameplay video on his site if you're curious. Just thought I'd point out a neat platformer with a cool growing/shrinking mechanic. (Apologies if it's been discussed and I missed it in the search.)  

Pop psychology is so late 60s.

Woah the games people play now, every night and every day now...

Very, very cool game, I love the concept. I was frustrated at first because there are no instructions, but managed to figure out what all the buttons did easily, and made it to wave 3 after a couple tries. You mentioned you could move the ship, so after clicking everywhere on the cockpit in vain to find the controls, I broke down and read the thread. Someone mentioned WASD, and a little experimenting let me find Z and X as well. Trying to orient the ship is a pain, though, and it doesn't seem necessary anyway. Since the missles home in, there doesn't seem much point in aiming.

You said there's some way to switch to mouse control, but I have yet to discover it. Including at least a list of controls would have let me skip the frustration and get right to the awesome gameplay. I think the true challenge comes from trying to keep track of what's happening based on very limited information and trying to master the very limited controls; the lack of instructions only hides this behind the artificial difficulty of finding the controls in the first place. I wouldn't mind reading a manual if I could find one!

Still, that real challenge underneath the frustration made me come back and read through the thread and keep trying. Once you know how to play, it's an awesome juggling act of keeping track of target distances, which targets you've fired on yet, and switching between offense and defense. If it weren't for the game-end bugs I'd be playing this non-stop. Unfortunately as of the latest (1.2), it still crashes after trying to start a second game from the main menu. There's also a minor bug where pressing escape at the game over screen closes the program; I assume this is because the key press gets repeated at the main menu if I don't tap the key too slowly. Not that I can start a new game anyway, but if you fix the one it would be nice to fix the other. 

1) The Smooch Booth as it is currently implemented isn't very good, because if you pick up and drop the girl, she starts to run around.  Upon exiting the shop, her handler would turn his gun upon the player, even if the player didn't intend to steal her.

Pulling out a flare while holding a dame sets her down gently, a nifty workaround if you accidentally pick her up (and have a flare). I think having some way to set her down (e.g. down and x, like everything else) would be better than changing the shop. I agree with all your other suggestions except the dames with multiple hearts, that seems a bit too complicated. Maybe they should die after too much abuse...although I find tossing them into harm's way pretty hilarious, and useful! :D

Here's an odd little thing, boulders don't kill hanging spiders. I followed this boulder and watched it roll right through a spider, then bounce and come back through it again. Seems like that spider should have died...

This was in regular .99. I would dismiss it if it was off screen, but it just seems wrong when you watch it happen like that.

This new version has convinced me to register for the forums. Hi!

It seems the dames are giving a lot of trouble. Typical. Here's another bug with them: When holding a dame and using the rope button (s), the rope apparently smackes her in the face. She gets stunned and drops. This happens even when hanging from a rope already, so it's not the drop that stuns her, it's the action itself. There's no such problem with the bomb key.

I haven't won yet, but I'm really enjoying the game. Here's a tip I haven't seen mentioned: if there's an arrow trap right next to a ladder, you can trigger the trap by climbing so just Indie's hat is in front of it. The arrow will shoot out over his head, and you can continue safely. Still gotta watch out for those bouncy arrows, though!