The simplest method is to open the favorites list in the actions panel and have Keyboard Maestro drive the keyboard and progressively hit arrow-down ⇢ return through the list.
I'd use PicaText to capture the titles (KM's OCR doesn't work on my system for this).
It looks like PicaText is no longer available on the App-Store, but TextSniper and others are – and ShortCut's OCR on later Macs is supposed to be pretty good.
I'd just count the favs by eye and use a repeat action to do this.
For the more technically sophisticated...
It looks like Keyboard Maestro's Favorites are defined at the very beginning of the KM plist file, and an enterprising sort could use the XML to construct actions in the Keyboard Maestro Editor with AppleScript.
I just tested with one and was able to successfully create the action.
See this post for how to go about this:
How Do I Insert an Action as the First Action in 206 Macros Automatically - #2 by ccstone