You're right, gumpaste does not taste good. But it dries much harder than fondant. That's why I use the 50/50 mix - I get the workability of fondant and the hardness of gumpaste.
I've never used modeling chocolate, but if you like it, go for it!
For the best results, use straight gum paste! http://slice-heaven.com/store/show/43-7283
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