I've been doing some setting up of favorites as well, due to past thread on this.....thanks to Woodster.
I put my favorites in a library folder not connected to the project. On the hard drive somewhere convenient. Therefore I can add to the favorites and save them to the folder, and pull each one in on whatever project I'm working on. When you save the favorite, it will ask you for the location.
That way it's not project specific.
I'm finding out it really speeds things up.