Yes color flo is RI thinned, and yes you can eat it. Color flo is easier to fill in between or inside the outlines made with the RI on cookies. You would use RI to do any outlines on lets say a cookie and the color flo is used to fill in. No tips needed just leave a tiny hole in your bag. This is all I've learned thus far to use color flo for. If you have any more questions you can pm me. Hope this helps
Kat
this is from my Wilton 2 book:
Color flow: More concentrated egg whites, for a flatter, stronger piece. use less. shiny when dry
meringue powder (royal): includes cream of tartar, for fluffier icing with more volume. use more. matte finish when dry.
Hope this helps 
Here's something else in the same vein that you might find interesting:
http://sdbytracy.com/marshflow.htm
Can someone please tell me what the difference between colorflow and flooding with royal icing? Is it thinned out RI or is there something else?
Royai icing and color flow are quite similar. Royal icing is traditionally used to do run-sugar items. Wilton formulated colorflow to do the same thing. Colorflow dries a bit shinier and is suppose to be stronger. However I have placed my royal icing in the oven at around 200 for a few minutes and the items turned out shiny as well.
Although Color Flow and thinned Royal Icing are similar, they are indeed different.... as stated before by others, Color Flow dries shinier and is stronger - not usually used as a coating/covering over a cookie, but instead to make an item on wax paper in the shap/form of the desired pattern and then when dry it is placed on the cake. Outlining the image in stiff Color Flow then thinning it down before "flowing" into the pattern is the technique. Color Flow is the name of Wilton's powder mix.
Thinned Royal Icing is what you would normally find on cookies or cakes where the "runout" is done on top of the edible treat.
Hope this helps.
The following pic shows a Color Flow Ark that was made in advance and can be placed on top of a cake.
Here's something else in the same vein that you might find interesting:
http://sdbytracy.com/marshflow.htm
Great "tutorial"!!! Saved the pics and enlarged them a bit and it made it a bit easier to read and follow. I love marshmallow fluff and this just seems so easy to do! lol I love the border on that happy bday cake they demonstrate on.... I'll have to practice that border love it! lol
Yeah know... with that picture enlarged (thank you for enlarging it lol) it kinda resembles a piece of candy... like a chocolate mold or something.... it's really neat looking.
Here's something else in the same vein that you might find interesting:
http://sdbytracy.com/marshflow.htm
Great "tutorial"!!! Saved the pics and enlarged them a bit and it made it a bit easier to read and follow. I love marshmallow fluff and this just seems so easy to do! lol I love the border on that happy bday cake they demonstrate on.... I'll have to practice that border love it! lol
Just so you know, I haven't tried the mmfluff color flo myself. I found that on the web and saved it. If you get a chance to try it, please let me know how it is. 
Nope I don't like that part either lol neither did hubby lol he said with the roads in MD and all the crap they are doing and the way other people drive around here.... there's no way I could get it to the destination without messing it up lol
Hmmm....I wonder if you can add gelatine to the mmfluff and stabilize it?! [Here I go again, thinking out loud.]
I was wondering if there was some type of spray that would like freeze it lol... kind of like hair spray lmao but more so like butane (just refilled my lighter and froze my shirt.... lmao) or compressed air.... well that wouldn't work that would just blow it away lmao but something similar that could put like a top coat sealant on it... where's Doug he always has great ideas when it comes to this kinda stuff.... DOUG!!!!!!!!!!!!!!!! help us and I'll give you a brownie....... 
Don't you just wish there was a magic tea kettle or something that you could rub and a Doug Genie would appear and guide you?! Now that would be cool. 
Is he married? If so, his wife is lucky. I bet she doesn't even have to cook!
DOUGIE!!!!!!!!! lol please come forward and help us with some food safe concoction (spw) that we can use lol
What about that "spray" the pros use when working with chocolate? It's a quick cool aerosol. Maybe that would work?! 
Nope, that stuff will just freeze chocolate. I have that edible lacquer spray but you would probably have to use a ton of it and it would yellow your design.
I wonder if you could do that color flow idea using isomalt or sugar cooked to the candy consistancy like a lollipop? Probably be too hard to keep in the lines unless you had metal or something. Maybe I will just buy the color flow crap and try that out!
Maybe that's just something that would have to be added on site upon delivery lol
That stinks. It looks so pretty and I'm guessing that it probably tastes good too.
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