Not too many guides out there for this, so here's my shot at it.
First, you'll need to set up what they call a Dual Box to create your personal Elite Opener. It's not hard to do, and is real simple, and doesn't slow your computer down at all. Basically you'll be running two DDO's at the same time, on the same computer so it's best to play in windowed mode to switch back and forth. Here's a quick tutorial how.
Open your Local Disk (C: )/ProgramFiles(x86) and find Turbine (not DDO). Copy "Turbine". Now open up "Turbine" and paste your copy of "Turbine" inside itself and rename it "Turbine2" to avoid confusion. Now open up "Turbine2" then "DDO Unlimited" then find a file called "TurbineLauncher". Create a shortcut to desktop or wherever you save your game shortcuts and rename it something like "DDO2". You may need to re-boot computer at this point. To open up both DDO's, click original shortcut and second, wait for the loading screens and until it prompts you to log in to both (move the windows, becuase they open in the same place so they overlap each other) then log in to your original account on one, and a secondary where your "elite opener" will be. That easy
Now for the Favor Farming
You will need to run your elite opener (second account) through the below quests on elite once (use your main to run you through, PUG it, doesn't matter). After you do, roll a toon on your original account, party up with the elite opener and you now all quests can be opened on elite, no matter where the elite opener is.
Having Veteran Status really speeds this up, but it can be done with a level one toon. I usually roll an Artificer if I solo, but a Barbarian with the third default path works just as good. I usually post up a LFM that I'm about to start a "Pro Favor Farm, starting in #mins" to get other Favor Farmers to speed thigs up a bit. But if any members join and try to do optionals or wipe us, I end up kicking them.
-= Heyton's Rest =- If with other Favor Farmers, split it up.
-= Storehouse Secret =-Go straight to key, don't bother with boss or mobs, solve puzzle, leave.
-= Cannith Crystal =- If with other Favor Farmers, I use my elite opener to prep Collaborator of first mobs.
-= Collaborator =- Don't bother fighting last boss, drag Jacoby to shrines, kill him there.
-= Bringing the Light =- Left side, kill guard before he lets the dogs out (who?), right side, kill tables, don't bother with mobs.
-= Information is Key =- If with other Favor Farmers, split at ladder/water, pull left lever, don't bother with defender.
-= Haverdasher =- Low levels will need a cleric hire here.
-= Durk's Secret =- If with other Favor Farmers, split left and right side, kill captains, run back to entrance.
-= Garrison's Pack =- Kill all mobs up to zombies, run past to water, If with other Favor Farmers split left and right levers.
-= Sunken Sewer =- Go left side up waterfall ledge, jump in water, go to far left side ledge with chest behind bars, jump across to chains, go straight to boss, don't bother with scorps, jump back in water, recall.
-= Kobold's Ringleader =- Box shortcut, split levers if with other Favor Farmers.
(Solo) -= Home sweet Sewer =- Don't kill the doggies.
Once you've ran through all these, either mail gear or loot to main (some people still check chests becuase Hearts of Wood still have an extremely small chance to drop) and delete the toon and re-roll and run all the quests again.
Will update soon with actual times, but solo this usually takes me about 45 minutes. With a good party, or even one person that knows what they're doing as well, about 35 minutes. What's nice about this method is that you don't have to wait around for a elite opener, you can do it on your own time, stop and pick up where you left off, watch movies and listen to music. It's really simple and the best bang for your buck and time. There are some other Farming methods where you would do some quests in Korthos wildi, but I found those added almost 6-7 minutes to total time, and replacing Butchers Path with Sunken Sewer and Home Sweet Sewer shaved off about 3 minutes.
Well this is my method, hope I helped you out, and don't forget to share the love! Good luck out there!