You should look at @DanThomas' famous and elegant KMFAM macro.
Dan's macro is absolutely superb and eminently useful.
My macro methodology is excellent for creating macros and/or actions on the fly with custom features.
You can use a variation of my method to work with your own favorites group by creating macros in a group with one or more actions and then using AppleScript to read them and insert them and change their attributes if desired.
Keyboard Maestro is remarkably flexible.