I can't seem to figure out if it's possible to clear individual elements or the entire directory of "Favorites".
You can't remove individual elements from a Favorite, but a previously saved Favorite can be deleted.
-Starting from the Favorite Grooves Directory, click on a Favorite Suite that you've previously saved.
-Click on the "Favorites Utility" in the lower left part of the Browser.
-From the popup list, choose "Delete Selected Suite". That should remove the Favorite Suite.