I use scrapbooking paper to match the theme of the cake. I laminate the paper so the grease from the frosting does not absorb. It works great and adds a lot to the presentation of the cake. I've talked to several bakeries and they all said it's like using Saran wrap. There is no problem with food safety.
I have used wrapping paper which I covered with saran wrap pulled tight. Came out great, and it doesn't get much more food safe than saran wrap! 
This yellow board was done this way. http://media.cakecentral.com/files/cimg50442_136.jpg
TEE39 -- there are two ways you can cover the cake board with fondant. I roll out a large piece of fondant large enough to cover the board and then lift and place it on the board and trim around the edge. You can cut out the center of the fondant where the cake will sit to save the fondant for something else.
Another method that was just posted on another link is placing the cake on the board and then wrapping a band of fondant around the rest of the base that is exposed. The link explaining it is below.
http://www.flickr.com/photos/e.....4575839118
I would also like to know if the plastic table covers are foodsafe.[/quote]
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