Hayden, I just posted on another thread that I will be starting T soon and am very apprehensive. I won't have the shot for another five weeks or so, though, so I still have time to plan my transition strategy. Alas, that also means that I have plenty of time to stress out, too.
I don't think we're in very similar situations, though. Yes, I am at a university, but as an instructor rather than a student. I presume that you are a student? Also, you appear to be in Oz, whereas I am in the U.S. I don't know how much that changes things, but I do know that a lot depends on your particular school.
As soon as the new term starts, I plan to go to my campus LGBT office and talk to the representative there. I suggest that you do the same if you have that option. The folks there may very well have dealt with transitioning students before and might have valuable advice for you. If not, you haven't lost anything.
I feel that coming out in a "regular" workplace situation is quite different from coming out at university, regardless of whether the transitioner is a professor or a student. It is relatively easy to deal with one's particular department and inform relevant staff and faculty of the change. The classroom and the student population are a different story, as you implied in your post.
You might need to talk to each of your instructors about your situation. I strongly suggest that you do this with the advice and support of whatever LGBT allies are available on campus. If there is no such organization, you might try the counseling center.
I also think that it's probably better to present as male from the very beginning. If you are starting a new term soon (summer term?) but won't be fully passable yet, you should present as male anyway. Use your male name (have you changed it legally yet?), request male pronouns, and bind if that's part of your presentation. These steps will make it easier for people to accept the physical changes when they do begin to manifest. You won't be suddenly leaping from girl to boy; it will be more like androgyne to boy. Or perhaps boy with delayed puberty finally hits his stride. Something like that.
Susan's has a wiki entry on coming out at work--it doesn't seem to mention coming out at school, but you might find it helpful.
https://www.susans.org/wiki/A_Guide_to_Coming_Out_at_the_WorkplaceI expect that other people will weigh in soon.
Keep us in the loop, okay?