Hi! I didn't take time to read all the responses below, but I have a degree in Culinary Arts and happen to do cakes on the side out of my home. Just had one picked up a few hours ago. Anyway, yes, fondant is a little tricky to work with. Were you planning on making your own or buying the premade box of stuff wilton sells? It really isn't hard to make & I've used a couple different recipes. Tweaked them a little because fondant does taste bland, but you can make it taste fairly good...like chewy sugar if that makes any sense. Also, i read something someone posted about almond paste. Yes, traditionally, almond paste or an apricot glaze is what you would cover the cake with prior to the fondant. I have found that using buttercream instead of the almond paste works just fine and is much more appealing to everyone.
I say go for it girl! Just make sure you allow yourself enough time in case you end up having to go to plan "B." Oh...and if you just go with the buttercream, the trick to getting it smooth is to first pipe it onto your cake with a large round tip, covering the cake evenly. Then, run some really hot water into a tall cup. Dip your offset spatula into the hot water, shake of the excess and start to smooth the icing. The little bit of water that ends up on the cake will dry quickly. Be sure not to pipe any colored icing onto the cake until the water spots have dried up or the color could run.
If you have any other questions abot the fondant, don't hesitate to let me know. Happy to help! S.