Anyway, I finally tried it and the result is excellent!
Look how smooth the cake is. Cake is a 7 inch moist chocolate cake filled with chocolate ganache. I only spreaded a thin layer of ganache, fearing that too much may 'melt' the fondant.
Wrapped the cake with fondant ribbon.
I kept the cake in a box, on the dining table for about 4 days. Low and behold, the cake still looks as pretty, more importantly, it is still edible, albeit a wee little bit dry. Am very happy with the results of this experiment!