Yes, you can make regular flowers. It´s really just another kind of fondant. I would mix it with gumpaste because 100% fondant flowers are very delicate and can break easily.
You can add about 2 teaspoons of any clear extract. I use almond extract. You can taste it and see if you like it or add more.
When I make my fondant I cover the cake the same day. It works better this way for me.