I believe this is the Nicholas Lodge recipe. The current recipe doesn't credit him as the source but I printed the recipe out when it did give him credit. I've made it and it's really great.
http://cakecentral.com/recipes/2142/gumpaste
As for allowing it to rest, it does say to allow it to mature for 24 hours in the refrigerator, if possible. I've heard that fondant should rest at least 8 hours.
That is the right recipe. It gets much stretchier overnight.
I also use the recipe. I have tried several different ones and nothing compares to Nicholas' recipe. It can be used immediately, but is easier to work with if it rests for about 24 hours. It's too stiff when first made. I love this recipe because everything holds it's shape.
Good luck!
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