You can make fondant decorations several days (even weeks) in advance! Just be sure to store them in a container out of the light so you don't get any fading of your colors. MMF tastes pretty good and it will work for little people but you may want to try mixing it with gumpaste (50/50) or mixing some gum tex powder in with the fondant you want to mold with. This will help the fondant harden and retain the shapes you have made! Hope that helps!!
I hear MMF springs back. Meaning if you push on it it does not stay completely indented, that it springs back a little. I would find this frustrating for figure modeling. I personally love Michele Foster's Delicious Fondant recipe and if I'm modeling with it I add 1 tsp gum tragacanth to 1 lb fondant. I dry my pieces in a cool oven with the light on on styrofoam for quick drying and I know my kids won't touch them in there. Then I place them in a cake box way up high on top of my cabinets (again, KIDS!!) I have things in there that will have been made 2 months before being put on the cake. I work full time and have 3 kids so stuff's gotta get done when it can get done. If you don't think people will be eating your stuff and you don't want to make an alternate fondant from MMF, Wilton fondant is great for working with and is relatively cheap. I just would never eat it.
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