Well I have an entire batch of MMF fondant in my fridge along with several smaller globs of my colored pieces.....what can I do with this stuff? Does it freeze as a treat? Can I bake it in a Graham cracker crust to make a smores pie?
I would say, keep the bigger batch in the fridge it keeps really well without spoiling for a couple of weeks if it's wrapped tightly in plastic wrap and in an airtight container.
With the colored pieces and you can use your bigger batch as well if you so choose, you can roll it out and cut little flowers and let them dry. Once dry you can place them in an airtight container and they keep very well at room temp.
Other things you can make are balls or small pumkins, cut out different shapes of different things that you can later add to your cakes. Just make sure once you let these pieces dry you keep them airtight and out of light.