Yes I saw the same bow at Walmart, they are like $16.99 and you can dye them any color that you want.
I've had trouble with fondant that doesn't have gum-tex in it. It dried ok but it just didn't seem that hard (like gumpaste). The heat and humidity effected it very badly and softened it terribly. I did a graduation cake with pieces of rolled up fondant that was supposed to stand upright and by the time the cake was to be presented - all the ones standing up had broken. I had let them dry for a week too. It's in my pix (the green striped grad cake). Ever since I use gumpaste for items that need to stand up or be rock hard (not like anybody eats the fondant anyway cause it tastes so bad). Too much work to take a chance. 
Gumpaste works very well. (Or adding gum-tex to your fondant). It definitely dries much quicker.
I'm still working on bows, too. My first one wasn't too great. 
Angie
So, what is the differnce between gum paste and fondant? I have only worked with Fondant, and haven't had much sucess
The biggest difference, as far as I know, is the hardening agent.
Fondant is used to cover cakes and can also be used to make other decorations. Gumpaste is what is generally used for making flowers, as you can roll it out really thin, and it dries faster so it holds it shape better.
When it comes to bow and molded figures you will always hear various ways. Some use only fondant and never have a problem. Some will use fondant with gum tex, gum trag or tylose added in. Some will use a mixture of fondant and gumpaste. And yet others will use all gumpaste.
I think you probably have to try a few ways out to see what works best for you and the area you are in (weather and humidity can affect both.)
I have used both gum tex mixed into fondant and a gumpaste/fondant mix for bows and both have worked well for me. I haven't used plain fondant, because I do like how gum tex quickens the drying time, and does make a bit of a harder piece.
Adding gumtex or mixing in gumpaste with your fondant will give you a faster drying, harder piece, but it also gives you more working time than just gumpaste alone does.
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