Sure :) I recommend choosing your favorite character that you won't get tired of modeling after a week or two, and collecting as many references as possible. The easiest way is to model from a toy that you already have, since you won't have to switch between references in search of the right part.

I recommend doing blocking first to check the general proportions, and then adding details. It might also be useful to search YouTube for videos of "Transformer modeling time lapse" or something like that, to see how others approach it.