Since I end up making such a huge mess when I make and color my MMF, I wanted to just make up several batches at once, color it and store it for whenever I need it. Is this a good idea or does it not keep for very long? Also, should it be stored in the fridge or just at room temp?

Room Temp Only! Wrap in plastic wrap, then put in a ziploc bag. When you get ready to work with again, use Crisco, because it may be kinda dry. I would keep it for about 6 weeks.

I store mine in saran wrap, tinfoil & then put it in a ziplock bag. Keep it in a cool but dry place. When I'm ready to use it I unwrap the tinfoil & saran wrap (put a side for later) then put it back in the ziploc bag. Then heat it in the microwave for about 1 minute. When you take it out of the microwave be careful because it is hot! If it's not heated enough only heat it for about 15 seconds at a time~