If you decide to take on the project, I do highly recommend inviting a friend over and timing it so you are mid-cake ball process when said friend arrives, especially if you decide to go the 100 percent purist from-scratch cake and icing route like yours truly the baking snob. That way you have extra hands to roll balls and then dip and decorate them. Plus, that means two heads to try to figure out how in the world you make chocolate dipping look semi-decent.
My sources this go-round:
Awesome from-scratch Red Velvet Cake, Smitten Kitchen
Step-by-step Red Velvet Cake Ball instruction, Iowa Girl Eats