I just tried it, changing between entries does not loose your changed settings. The only time settings are lost is if the setting is invalid, for example, if you uncheck all days. Instead use an interval schedule and set the interval to a year.
As for favorites, it's not something I care enough to implement, there's a perfectly good way to do that via Scheduled. Patches welcome.
Last edited by kovidgoyal; 08-22-2012 at 02:51 PM.