Okay, I actually figured it out. Just click of the favorites box> open previously saved Favorite> oK. Modify settings> Save as new favorite (using the Favorite button at the top).
In the "Favorites Window" they seem to appear After any objects including Lighting objects. Although they seem to not have any use in the Favorites Window since it seems that these Favorites are accessed from within the Wall Access. Object dialog box.
Also it seems that if you have the 2D representation in the Parameters set to Show Framing Elevation, the elevation will be Stated Distance from the framing center using the reference line as the start point. But if the wall has been Modified using the Edit > Modify Wall> Reference Line..., the side That the Elevation is created seems to be based on the reference line to which the wall was originally drawn.
Also a Wish (I believe) : Viewing the Framing in 3D is Nice but it would be better if the Vertical Studs could have a different material spec than the Horizontal plates and Headers, so that opposing Grain direction material could be used. Making it more "real-life".