Hi all... I have a cake for a friend this weekend ( picking up on Friday.. Event is Saturday) and I work long hours this week so I baked the cakes yesterday (Monday) wrapped and froze them and I am going to start frosting and covering in fondant and decorating it all... Is this too soon?? If not, how should I store this cake so it stays fresh and looks good by Friday/ Saturday ???? Thanks!

That's fine, with my more complex cakes I BC and cover in fondant 6--7 days before as I only have evenings to make cakes too! They're always good and moist for the day, just don't keep the cake in an airtight box between working on it as the fondant will go sticky, just keep it covered so no dust settles.
HTH

I agree, it is totally fine. The whole idea of covering cakes with fondant was to keep them fresh whilst having time to work on detailed deocrations and piping on the cakes over a few days. It lasts looking nice for longer than would probably care to know! As long as you let it breath so it doesn't sweat and get stickey as Crazy-Gray said.