My suggestion--don't rush it. Make sure you leave plenty of time for drying. I did a pair a while back as a last minute decision. I was very pleased with them, but they weren't completely dry.
Cali4Dawn has a great tutorial and templates on her webshots page (at least she did the last time I was on there), but I'm not sure of the exact address. Maybe someone else knows it.
Once they're dry, I usually just put them in a Ziplock bag to keep them from getting dusty (or covered in powdered sugar! lol) and then store them at room temperature out of direct light (natural or artificial). I wait until the day the cake is due or the day before to lace the booties or put flowers in them. (I think they are sooo cute with a little bit of babies breath sticking out of the shoe) 
PS. You could stick the booties in a Ziplock bag before they are completely dry if you needed to. Just don't zip the bag shut all the way.
ok i think this is dawns tutorial if i am wrong someone please correct me
http://community.webshots.com/album/283308759UqOctN
I have a hard time with fondant so I can't help you there, but I made a cake topper for a baby shower, I used cupcakes to make the baby booties and then put them on the cake. It was really easy and they tasted delicious. They're in my pictures if you're interested.
I also made booties from fondant, on the cake below. And would also say to take your time, and give them plenty of drying time. I didn't actually cut mine from a pattern, I just sort of molded the little opening around my finger and went from there and did it by hand. I poked my holes for the laces with a tip and used regular 1/8 in. ribbon for laces, hope this helps.
I've been told that if you get two big marshmellows and lay one down and add the other one behind it at a upright position stick a toothpick in the center to hold it together.. with the star tip decorate it and there you have booties.. I really need to try this and show a picture of it..Good Luck
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