My wife loved "Mary Poppins" as a kid. I loved "Swamp Thing" as a kid. This movie would be in constant rotation on HBO and I would always watch it. I'm surprised that the film wasn't a modest hit. Then again, a lot of movies in '82 got lost in the wake of "E.T." Other perfect examples of this would be "Tron" & "The Thing". The sequel was also pretty good, even though it was full of camp and crazy monsters.
Yes, this is the one you're talking about. The character's name is Bruno, and he did shrink after his boss, the main bad guy, secretly tested the formula out on him...seems the formula amplifies the essence of that which it is used on, and Bruno's essence was that of a creepy, little shrimp. What was even funnier was Bruno's clothes shrunk too...
Hahaha!!! Never realized how silly it is that his clothes shrunk, too. Guess the story wasn't tight enough to begin with to allow me to catch that.
This was a favorite as a child. The transformation scenes at the end really creeped the hell out of me. After the first 5 minutes of watching it recently, I was disappointed. It didn't age very well, at all. It's got cheese factor and Adrienne Barbeau's breasts going for it. That's about it.