1987: Party Ponies
UP, UP and AWAY
Magenta earth pony with pale pink mane and tail, yellow and green balloon symbols spread across haunches and back, small balloon on cheek
The first thing that has to be said about Up, Up and Away is that her name is definitely a contender for most stupid pony name, ever. Aside from having the dubious honour of a My Little Pony Tales Episode named after her, it's obviously a reference to her balloon symbols - Hasbro certainly liked their balloon ponies!
Up Up and Away was sold with pale pink hair of that shade which loves to fade to white. My pony, above, still has some pink to her hair, but a brand new Up Up and Away would have a stronger shade in her mane and tail. Though there are variations on Up, Up and Away in Argentina, Brazil and probably Spain, as far as I know there is no Up Up and Away with purposely white mane and tail - and certainly any normal Up Up and Away with white hair has faded.
As is probably predictable, Up, Up and Away's comic character was generally linked with balloons.