typically takes a few minutes to dry give or take -- maybe ten minutes idk -- not long
one other thing -- new members are usually limited to being able to start posts but not reply to them -- so please feel free to start a new thread in order to keep the discussion going 
The event is tomorrow? Go for it now - get it done. Keep the finished item out of the sun/floresent light & it will be fine. If you don't make the coat too thick/heavy it will dry within 5 minutes. It is always better to do several thin/light coats w/a few minutes to dry inbetween than try to get a deep color all at once.
Also refere to this post: https://www.cakecentral.com/forum/t/851148/how-far-in-advance-can-i-wrap-the-cake-in-fondant
Quote by @%username% on %date%
%body%