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Easy question to kick off my chemexchange membership!

I'm learning chemistry in my spare time, and fittingly for a video art project I'm doing, decided to try a simple inorganic(?) procedure to make some crimson flames.

My research lead me to believe that lithium methoxide works wonders for this, especially in solution with methanol which only has a very faint blue flame on its own. I basically already know it works, based on some demonstrations seen on YouTube, but I'm unable to find much anything in literature about the lithium salt of methanol. So I'd like to verify my understanding of the equation:

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To my understanding, dissolving lithium metal in methanol should yield:

$$\ce{Li + CH4O -> CH3LiO + H}$$

...Lithium methoxide in solution with methanol, assuming an excess of methanol, and some released hydrogen gas.

Am I correct? Can someone shortly explain the actual reaction that takes place?

Additionally: I think the solution should be relatively stable and easy to store and handle, like methanol, unless there's a reason to believe otherwise? Also, if one wanted to produce dry lithium methoxide powder from this, what might be a good precipitant to crash it out of methanol?

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