If you want to switch favourites within the current 3.40 version then it is quite easy.
Favourites are stored in the registry under the key:
HKEY_CURRENT_USER\Software\Lachmann\MLCad\Favorites
The easy option, having created a list of favourites, is to exit MLCad and use RegEdit to rename this key to:
HKEY_CURRENT_USER\Software\Lachmann\MLCad\FavoritesSet1
Upon relaunch of MLCad, it will create a new blank "Favourites" key again. Once you have populated this set you can do the rename thing again for additional sets. Then when you want to restore a previous set, just do the relevant renames so that the set you want to use is called "Favourites" rather than "FavouriesSetN".
Alternately, another method is to use RegEdit to export the Favourites key to a .reg file. When you want to load up a previously saved file of favourites you delete the current Favourites key from the registry (which you have previously backed up to a file) and double-click the other saved .reg file to import it back to the registry. This way you can easily store file-based backups of all the Favourites sets if you don't want to rely on them all just being in the registry.
Just remember to do all the renames/exports/imports whilst MLCad is NOT running.
Edit:
I should probably add: if you're not confident in using RegEdit then please ignore this entire post. Making a mistake within the wrong key in RegEdit can leave your system completely wrecked and unable to boot ;-)
Favourites are stored in the registry under the key:
HKEY_CURRENT_USER\Software\Lachmann\MLCad\Favorites
The easy option, having created a list of favourites, is to exit MLCad and use RegEdit to rename this key to:
HKEY_CURRENT_USER\Software\Lachmann\MLCad\FavoritesSet1
Upon relaunch of MLCad, it will create a new blank "Favourites" key again. Once you have populated this set you can do the rename thing again for additional sets. Then when you want to restore a previous set, just do the relevant renames so that the set you want to use is called "Favourites" rather than "FavouriesSetN".
Alternately, another method is to use RegEdit to export the Favourites key to a .reg file. When you want to load up a previously saved file of favourites you delete the current Favourites key from the registry (which you have previously backed up to a file) and double-click the other saved .reg file to import it back to the registry. This way you can easily store file-based backups of all the Favourites sets if you don't want to rely on them all just being in the registry.
Just remember to do all the renames/exports/imports whilst MLCad is NOT running.
Edit:
I should probably add: if you're not confident in using RegEdit then please ignore this entire post. Making a mistake within the wrong key in RegEdit can leave your system completely wrecked and unable to boot ;-)