Working in the browser, I don't understand how to modify favorites.
Clip is very long (over an hour) and I need to revise the in and out points slightly...if I click on the favorites, I can't play or move outside of the favorite range, so I have to select the entire clip and then try to navigate to the favorited area (I'm doing this by snapping and skimming).
It's definitely not as simple as is should be. Your method is not a bad one considering the difficulties with favorite ranges. However, if you click the green bar on the filmstrip instead of selecting the favorite icon in the browser, then you can hit SHIFT+I to jump to the IN and then play reverse or SHIFT+left arrow to jump the event skimmer beyond the range IN. Also, if you're just adding handles to the end, you can select the range, hit CTL+D to access the duration and type in a new number. The range will expand past the original out point and you can then refavorite.