How would this change "take the grind out of Terraria"? You can accomplish the same thing right now by moving the accessory or armor piece out of one loadout and into another. All loadout favoriting would do is save you a second or two.If you take the grind out of Terraria, you end up with an empty sandbox...
And what about make something like "Archer/Avenger/Destroyer Quiver" which is of course is Magic Quiver and one of the emblem's.