thanks, yes that is how I ended up doing it as well. I just changed that plugin to allow public tab viewing on the profile page and then added a function to show the posts based on the buddypress user's profile instead of the logged in buddypress user. To do this you can use:
$favorite_post_ids = wpfp_get_users_favorites($GLOBALS['bp']->displayed_user->userdata->user_login);
to get the buddypress users favorites who's profile you are viewing. Then, you can add the code to display the favorites in the same function. After this, you can use a custom shortcode function to display it on the tab you created.