I've only used fondant once and I have a few questions.
1. How far in advance can I make my fondant figures?
2. Can they be frozen?
3. After I color fondant, how long will it keep?
4. Should it be refrigerated once colored?
You can make fondant figures weeks in advance and if you add some tylose or use a mix of 50/50 gumpaste they keep even better.
I think figures can last months maybe even years if they don't get any moisture in them. You can even shellac them with confectioners glaze!
I am not sure about freezing figures but they would keep just fine in an airtight container.
Fondant coloured or uncoloured keeps for a long time but once it's coloured the colours will eventually fade a bit.
Some people keep fondant in the fridge and some don't. I don't, I just keep it in air tight containers.
I think fondant keeps for up to 6 months but mine never lasts that long as I don't make large batches, just what I need!
I agree with banba. Don't put the figures in the fridge or freezer. Keep them in an airtight box and out of direct sun light. I have kept mine for years and years now.