Can you use wrapping paper to cover a board or is that not food safe?
I have actually used wrapping paper to coordinate with the event I was making it for. However, after taping of the paper, I also covered it with Saran Wrap (taped on the bottom of the board like the wrapping paper) and it worked out fine. Good Luck!
As long as the cake itself isn't directly sitting to it then it's fine. I wouldn't advice you do it though.