I got to thinking about this the other day.
I typically Favorite items that I know I want to keep. And I use the Trash Icon for basic dumping of everything I know I will never use. But the game really needs another option besides just Favorite and Trash.
There needs to be another option called Locked, and the icon needs to be a Padlock. This would be for your go to Top Gear and Weapons that you never get rid of. My reason is this. I use the weapon slots 1-4 always for the same gun types. And when I pick up new gear it takes me a few plays with that new gear to decide if its a keeper or headed to the trash. But if I have everything set as favorite I always have to remember what gear was my go to. Would be nice to look down the list for the Padlock Icon and know that is the best I have for that type of gear.
I typically use the numbered slots like this:
1 = Pistol
2 = SMG
3 = Assault Rifle
4 = Swaps between Sniper/Shotgun/Rocket Launcher
Slot 4 rotates depending on what kind of enemy types I know I will be facing.
The only other option would to be a loadout system. Which would be cool if it could be implemented. Like a new tab in the menu system where you setup your four guns and the four pieces of gear, and you can store up to 4 loudouts that are then linked to the 4 D-Pad Directions. Allowing you to change loadouts on the fly.