Yes on can use buttercream to cover styrofoam:) Done it many,many times. And you probably would use royal icing if you wanted.
B'cream should last nearly a year - maybe longer depending on the weather conditions in your area. When I did mine I used all shortening and no flavoring. Helps keep bugs from wanting to get all over it - and helps keep the price of it down :)
If you are covering the cake with fondant all you need to do is lightly spray/spritz it with water before adding the fondant. Not sure what you wanted and didn't get.
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