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Two days in advance, make fondant stars and letters for "fireworks". Tint 48 oz. blue, 18 oz. red, leave remainder white.
Roll out fondant and use Cut-Outs to make the following stars: 3 large and 4 medium in blue, 3 medium and 4 small in white.
Attach white stars to blue with damp brush. Cut red letters and attach with damp brush. Let dry 48 hours, reserving remaining fondant for cakes.
Thin a small amount of white fondant with a little water; attach stars to lollipop sticks.
Prepare 2-layer 6 and 10 in. cakes for
stacked construction. Prepare cakes for rolled fondant by lightly icing with buttercream.
Cover cakes with blue fondant; smooth.
Cut out medium stars in white; attach randomly to cake with damp brush. To make top drape, cut out a 16 x 7 in. piece of white fondant.
Roll out red fondant and cut 16 x 3/4 in. strips; attach to white piece with damp brush, spacing evenly. Lightly roll fondant to attach strips.
Position drape, starting in center of 6 in. cake and sweeping down and around to bottom. Gather into folds and pinch together at end.
For bottom drape, cut an 18 x 7 in. piece of white fondant and 18 x 3/4 in. strips in red. Repeat as for top drape and position. Insert star "fireworks".