I did one recently with a bright pink ribbon. I got the ribbon from Wal-Mart and I'm so sorry I can't remember the name of it but it's in the craft section and comes in quite a few colors. It's wrapped in celephane and hanging up. It works beautifully. HTH.
I wrap a lot of cakes with ribbon over bc, and have found that the cheap ribbon works the best. Grosgrain (the stuff that looks ribbed) does about the best, and otherwise, the darker the color, the less you'll see a color change if the grease from the icing discolors it. For brighter colors, just make sure you put the ribbon on plenty early that the Crisco or butter has time to "soak" into the whole ribbon so it doesn't look blotchy.
If you wait to put the ribbon on last when the cake has had alot of time to crust it should be ok. I do it all the time. I usually let the cake sit overnight and the next morning put the ribbon on. No bleeding of grease.
So if you use all butter icing there is no helping the bleeding through? Uuuugghhh, this is why I always tell my brides to lets use fondant ribbon, but this bride for the end of July wants a very specific satin ribbon and I was hoping there was some magic trick to keep it from bleeding, I even thought about putting packaging tape on the reverse so there is a barrier... any thoughts?
I cant remember who said it but I read it on here when I had the same issue. The person said to run the ribbon through water then kind of run it through your fingers to remove excess water and stick it on the cake. I did it to the two cakes I had with buttercream and ribbon and it worked great! I didnt even have to use buttercream to stick the ends together, they just did 
The other suggestions I've read are to 1) back the ribbon with double-sided tape and then tape wax paper to that before laying on the cake, or 2) cut a ribbon of wax paper to match your ribbon, place the wax paper on the cake first and then lay the ribbon on top of it.
Running the ribbon under water and squeegeeing it out sounds easier, though.
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