I do infusions by envelope bagging the whole mold.
If your part isnt too big, the easiest way to do this is to buy the vacuum bagging film that comes in tubes instea of sheets. All you have to do then is to worry about sealing the ends. If you are doing everything at room temp, you can use the reusable bag seals that they sell as well.
Be careful at the edges of your mold if you are bagging without a flange though.
Any fabric that sticks out beyond the edge of the mold can fold over the edge and then get stuck. Ive ruined a mold because of that before.
I personally still would recommend that you make a mold with flanges though. If you are going to infuse in the future you will need some sort of a flange.
As for using the mold as a cutting guide I would recommend against that since you have a chance taht you will damage the mold. If you want a guide to trim the part, I would just make a separate guide to use for trimming