That's pretty much correct, BG-57, although there are a few problems. Nonetheless, I'll give it to you, BG. I hope it was challenging enough!
My explanation:
One uses a childhood toy, but will obtain a star you can wish upon;
Rinoa: Pinwheel is the childhood toy, but I was referring to the [I]Shooting Star - not the Wishing Star limit break. But a shooting star is a wishing star.
One wields a sword with revolving chambers - at first, but will later wield a blade of flame;
Squall: Revolver and Flame Saber.
One acquires a double skinned and dual tentacled whip;
Quistis: It's not the Slaying Tail but the Red Scorpion. Here double skinned refers to the Dragon Skin which you need 2 of, and the dual tentacled refers to the Ochu Tentacle of which you need 2 of.
One will have an armored fist, but first has a knuckle protector;
Zell: Metal Knuckle and the Gauntlet are the ones named.
One controls a venus nunchuck, and later controls a wish upon a waxing moon;
Selphie: It's the Morning Star not the Flail as venus is another word for morning star, and Crescent Wish.
One has a scattergun of intrepid.
Irvine: It's not the Bismarck but the Valiant.
