How to Make It
Make ornament caps by forming 20 pea-size balls from fondant. Lightly press each ball into the shape of a drum. Score sides vertically with a sharp knife; set aside to dry.
Form 20 pearl-size balls from fondant. Using a wooden skewer, poke a hole into middle of each ball, and gently shape into a slightly larger doughnut-shaped circle. Let fondant pieces dry completely, about 1 hour.
Place powdered sugar, meringue powder, and 1 tablespoon of the water in a small bowl; beat with an electric mixer on low speed until combined. Increase speed to high; beat until white and fluffy, adding up to 1 tablespoon water, 1 teaspoon at a time (if needed), until smooth and thick. Transfer icing to a piping bag with a No. 2 decorating tip.
Attach edge of 1 doughnut-shaped fondant piece to the flat side of each drum-shaped piece with a small dot of icing; cover with bronze edible luster spray. Let ornament caps dry completely, about 30 minutes.
Prepare cake mix according to package directions for 2 (8-inch) round pans; let cool completely on a wire rack. Crumble cake with fingers into fine crumbs in a large bowl. Add cream cheese frosting; stir until mixture is the consistency of cookie dough. Shape mixture into 20 (1-inch) balls; and place on a parchment paper-lined baking sheet. (Leftover cake mixture can be used to make mini [1/2-inch] balls, if desired.) Cover and chill until firm, about 2 hours or up to 2 days.
Place candy coating in a medium-size microwavable bowl (or 4-cup glass measuring cup), and microwave until melted, about 1 minute and 30 seconds, stirring at 30-second intervals.
Dip 1⁄2 inch of blunt end of 1 skewer in melted candy coating; insert dipped end of skewer about three-quarters through 1 chilled cake ball. (Do not insert all the way through.) Place on parchment paper-lined baking sheet. Repeat with remaining skewers and cake balls. Chill 30 minutes.
If needed, reheat candy coating in microwave 30 seconds. Dip chilled cake balls in melted candy coating, twirling and lightly tapping skewers on lip of bowl to create a smooth coating around cake balls. Stick skewers upright in the plastic foam; let cake balls stand at room temperature until hardened, about 20 minutes. Decorate with edible luster spray and edible Luster Dust. Let dry completely, about 30 minutes.
Pipe icing on cake balls in decorative patterns. Attach an ornament cap to the top of each colored cake ball with a small dot of icing. Add nonpareils, if desired. Let dry 1 hour. Carefully remove skewers from cake balls, if desired. Attach Cake Ball Ornaments to top and sides of cake, securing with icing or wooden picks.