and then ice and fondant tomorrow?

TIA

Yes. I do it all the time. Bake Wed, ice/decorate Thur, deliver Fri, and the party is Sat. That's really my weekly schedule anymore. No need to freeze unless you just want to.

What if it's not going to be covered in fondant, only buttercream? Will it still keep okay?

I don't do much fondant, so all my cakes are bc. They are just fine. If there are dark colors involved, the longer they sit the more they may bleed. Other than that, it should be fine.

thanks! i couldn't wait anymore so the cake is in the oven now.

Definitely! As long as it's iced, it won't dry out. I would definitely keep it in the refrigerator though or at least a nice cool spot.

I do it all the time. I have a couple of wedding cakes this week. I baked on monday (popped them in the freezer), did my gumpaste flours bows etc yesterday, will make my frosting today, will thaw, frost and cover tomorrow and will decorated on Friday and deliver Saturday. With small kids, it's the only way I can get it done without being overwhelmed.

I do the same, bake Wednesday, ice and decorate Thursday and Friday. should be just fine.