You use Sentinel and download the database to your PC. Once you get a HP, you upload from Sentinel to the HP! You should update the database every few weeks, if it is important to have the latest info.
If you are interested in monitoring a few channels and nothing else, then no need for a favorites list. Once the database is in the HP, then turn it on, choose your zip code and then you can go to the menu screens and choose service type, you can then dig down further to lock out certain things you don't want to monitor. Once done, next time you turn it on it will be as you last used it. I have never built a favorites list for my HP...just pick a service and edit from there.
I do admit I don't know what will happen to your settings when you upgrade the database. I usually do that once a month or so...