you need to allow the ink to *cure* -- i let mine set for at least 24 hours--
then heat set it...
as for how well it will hold up- if it will fade that is totally dependant on YOUR INK...the studies show that the refillable inks- and generic brands do not hold up- some just run right out of the fabric when cold water is run through the printing no matter how heat set it is ...
so the expensive inks- HP, Cannon, and Epson are the ones that have the highest success rate- ratings.
use prewashed fabric (no sizing, starch, fabric softener or other additive)
let the ink Cure...then heat set
as for the freezer paper- i cut my fabric/freezer paper a bit larger than needed, iron the freezer paper to the back of the fabric...then cut it to size (8 1/2"x 11")- repress the edges to make sure there is no area not totally fused to the paper- then run it through the printer...allow to cure- (ink dry) then remove the freezer paper for heatsetting.