Hey, zabzacon, welcome to the world of growing! You've taken the first step into what might be the best thing you've ever done!!
As far as your questions go, I want to start by thanking you for putting them in bold. This will help people like me, who want to help you, find what you are looking for much quicker!
So as far as your stretchy plant goes, this is typical of seedlings. They tend to start out stringy like that, and then they slowly put on girth. However, the posts above me are correct, and you need to get your light much closer. The good thing about this is, that when using CFLs or a T5 you can get the light right on top of the plants. I feel very confident telling you that you can keep a CFL or a T5 within 3" of the top of a plant 24 hours a day, 7 days a week with only a single fan blowing on it, and unless those leaves actually touch the bulb for more than a couple of hours, you will never burn them.
Additionally, CFLs and T5s are so mellow that even if you happen to have leaves grow into the bulbs and make contact, all that will happen is the leaf will turn brown, die back in that spot, and more leaves will come in. This plant is incredible. Every new grower tends to over-baby his plants. We all do it. I did it too! Just take comfort in knowing that this plant is SOOO resiliant. You can snap it all the way over, break every branch on it, and it will grow back twice as strong with fat branches and knuckles wherever you broke it. You can underwater it for days, give it water one day, and watch it bounce back to life in 5 minutes after a watering. It will tolerate a lot, so don't stress so much! Just let her grow! You ever seen all that weed growing in the ditches in Kansas and Nebraska? Nobody pays attention to that shit ever and it grows 8 ft high!
Regarding transplanting, you won't need to do it until plants are at least another 5" taller, with probably four sets of true leaves on them, and a nice root base under them.
A cool trick to slow down your upward growth is to do a technique called "topping". There are a lot of ways to do it, but the end result is the same--your upward growth gets redistributed down via a growth hormone, and the plant shoots lower branches out everywhere. The easiest way to do this is to simply pluck out the top set of leaves, right out of the center of the node with your thumbnail. Let it grow back for a few days, and your plant will heal up fine. It will shoot out new branches below the wound, seal the wound up nicely, and fatten up your stock. Youtube will have lots of videos I'm sure.
Happy growing and I hope this helps!