I Started using gumpaste a few months ago and I absolutely love it. I went out and got the wilton kit it comes with an instruction book and most of the basics you need to get started. The first few times I did buy the gumpaste, I would recommend doing that atleast the first time so that you can get a feel for the texture. It does seem expensive but it goes a long way especially if you mix it equal parts with fondant. You can also get a mix that you just add water, I like it because I also add just a bit of flavoring to it. This is the recipe for gumpaste here on CC http://www.cakecentral.com/cake_recipe-2142-0-Gumpaste.html
After you've made something from gumpaste you can keep it indefinitely. Be sure to keep it in an airtight container away from sunlight after it dries. I store my unused portions wrapped in press and seal then in a ziploc. The premixed stuff doesn't require refrigeration but if you mix it yourself refrigeration is recommended. Hope I've helped a little. I tell my kids gumpaste is grownup playdough so remember to have fun with it.
Here is a link from Into the Oven for pre-made Satin Ice gumpaste:
http://www.intotheoven.com/satin-premade-gumpaste-p-926.html
This is what I use. Just keep it airtight in the container it came from. Packaging says it keeps for 1 year (I use up mine way before then).
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