I would like to attempt to make the fondant loop bow. I read all the instructions over in the article on this site and it seems pretty easy to follow.
I was just wondering if I should use fondant or gumpaste, or a mix of both?? Which one will dry faster? harder? is easier to work with??
Thanks! 
Gumpaste will definitely dry harder and faster. A lot of people use a 50/50 mix of both. I recently made one out of the 50/50 mix and it turned out great. I let it dry for about 2 days. You can make one out of fondant alone but it will definitely need more time to dry.
Gumpaste will dry faster and will have a porcelain-like finish. Fondant will dry in a formed shape overnight and will still be somewhat soft when you bite into it.
If you want to eat it, I would use fondant. Gumpaste is edible, but not very palatable. I use MMF for my bows. I form them the night before and stick tissue, breast pads, cotton balls, (whatever is onhand) inside the loops to help them hold their shape. When I wake up in the morning, the loops are dry enough to hold the shape on their own without the support. You can even dry the bow on the cake with the tissue inside the loops for support, just pull out the tissue before you serve it.
I usually do mine with fondant plus gumtex, but the last I did use fondant and gumpaste mix, since I had some gumpaste.
I think for your first you probably want to go with the 50/50 as it will give you a little more working time before it starts to dry.
I dry mine on wooden dowels I bought at Michaels. I have several different thicknesses that I use depending on how big I am making the bow.
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