If you have time, you might want to do an experiment. Place some satin ice in the frig and freezer, take it out the next day and let it come to room temperature. If you are happy with the results go with it.
I have never used satin ice. I make my own fondant. It does not do very well in the frig. It gets soggy and slimy.
If the decorations are not to be eaten, I would make them when you have time and put them in an airtight container on the counter. If they are colored, keep them out of sunlight, it will affect the color.
Usually u would put it in plastic wrap, then a plastic bag and then an airtight container...
Usually u would put it in plastic wrap, then a plastic bag and then an airtight container...
If you do this with a ready made decoration, there is the potential for it to get ruined, as it can start to sweat in the wrap and get all soggy. I have heard of this happening in humid climates. I would only do what is suggested above to fondant in order to keep it from going hard.
Cheers
Nati
I make bows, etc in advance and just keep them out of the direct sunlight and heat or moisture. They hold up fine. Of course they dry out. If you're looking for them to stay soft I don't know what to tell you. I use Satin Ice and have used the Wilton for bow loops.
Debbie
I would presume it depends mostly on whether you expect the final product to be consumed or not - you did mention if it would affect the taste.
Decorations (bows, flowers) are likely to be removed and tossed (sigh!) once serious cake eatin' is going on. So if it air dries, that may not be a problem, as long as it doesn't crack. You might try putting them in a paper bag so they stay dust/light free yet still "breathe" somewhat and dry slowly - this slower drying should also avoid cracking/crackling as well which happens when the outside dries/shinks faster than the inside.
Anyone who's worked with clay should be able to relate to this phenomenon as we've all seen our nice pieces dry/shrink too fast and crack. 
From there, it should simply be a matter of gluing them to the fondant covered cake when you get to that part.
As long as the sugary concoction doesn't get funky, I don't see much problem in eating it, even if it's dried and crunchy, though I doubt the texture would be terribly appealing. Personally, I'd say it's simply decorative, not candy.
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