Control what goes into the favorite actions menu in WordPress 2.7+
No, you can only add menu links to pages in the WordPress Administration, not pages outside of it. This is a limitation of the WordPress core.
Yes. You can use HTML tags in the Favorite Name field (e.g.
<em>). They will be added inside the
<a>...</a> element for the menu item. Note that you should only use tags valid under the XHTML 1.0 Transitional DOCTYPE.