This also explains how Rafiki was able to track down Simba's location. The fact that it was milkweed that blew from a certain direction indicates that Simba is located at a place where the plant is known to grow... Timon and Pumbaa's jungle. And maybe, judging from the age of the grass and where it blew from, he could of calculated which direction and how far away Simba was. After that he simply had to find clues lying around (scent trail, pawprints, etc) that led him closer and closer to Simba.
As for what he intended to do with the dusty "stuff" originally, well, he's Rafiki so 'nuff said lol
