Whoa, quite tricky! Certainly a workable technique and thanks so much for demonstrating this feature with the helpful screen shots. I will use that, but I still do think that adding the option to the right click drop down menu would still be much simpler, faster and direct and would love to see PG institute that. (By the way that is not any type of criticism of your answer for which I am VERY grateful!)

Originally Posted by Charlie Fogle
<< I would like an easier method by simply right clicking on the already loaded style on the chord sheet, and choosing "add to favorites list" on the contextual menu that already exists with this maneuver. >>

The S4 in your screen shot is shortcut from the Chordsheet to a window displaying Recently used Styles.

Type S4 in any measure (bar) regardless if there is a Chord populating the measure and enter

This opens the Recently Used Styles including the current Style loaded and it is placed first in the column.
Select the Add Fav button from the Right Column and the highlighted Style is placed in your Favorites List. Selecting any other Recently Used Styles to place them in the Favorites List as well. These Lists hold up to the last 150 loaded styles. Lists can be saved and retrieved. Use the Radio Button to switch to the Favorite List View.

Type S5 in any measure (bar) regardless if there is a Chord populating the measure and enter

This opens the Favorites List directly from the Chord Sheet. Use the radio buttons to switch between Favorites and Recently Used