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Bake and prepare cake. Prepare batter and bake in jelly roll pan. Cool and remove from pan. Cake should be ½ in. high. Use pony cutter to cut out 3 shapes for each piñata. Use a small knife to cut out center of one shape, leaving ¼ in. border.
Prepare icing. Divide icing and tint 1 cup per color: yellow, orange, purple, pink, blue and green. Combine Violet and Rose for purple. Combine Burgundy and Red Red for pink. Combine Sky Blue and Teal for blue. Combine Leaf Green and Lemon Yellow for green. Reserve 1 cup white icing. Place tinted icings in separate decorating bags fitted with tip 103. Place ¼ cup white icing in decorating bag fitted with tip 4.
Assemble cake. Use tip 4 and white icing to outline inside edge of whole pony cake shape. Position cut out pony shape on top. Fill center with candy. Again use tip 4 and outline inside edge of cake shape. Position whole pony cake shape on top to seal in candy. Use spatula to crumb coat cake with a thin coating of white icing. Chill. Position cake upright on its legs.
Decorate cake. Begin at the bottom, pipe tip 103 ruffles to cover cake, following this order: Orange, pink, yellow, green, blue and purple. Attach candy eyes. Use tip 103 and blue icing to pipe ears.