Sure you can. I do it all the time. I brush a little clear piping gel on the strips to make sure they adhere to the buttercream. I think I have a pic in my photos of a topsy turvy with fondant accents.
sure, why not? It would taste better than being covered with fondant anyway. Just coat the back side of the fondant strips with a thin layer of piping gel to help them stick.
I just did the cake in the photo right here <------------------------- and I didn't put anything on the fondant, just slapped it right on the buttercream and it stayed in place just perfectly!
It works really well....I don't stick it with anything either, it just sticks. (Maybe you have to use a "glue" of some sorts if you are using a crusting buttercream? I only use IMBC.)
No, I've never tried the upside-down method. My "tricks" are only using freshly-made IMBC, cold/chilled cakes and a plastering tool. Works like a charm.