There is a macro named FavRenAdd in the MacroLibrary which addresses the problem of renaming a favorite when adding and also which folder/subfolder to add the shortcut. See
http://kmeleon.sourceforge.net/wiki/KmmFavRenAdd
The "edit" item in the "favorites" menu will allow you to see additions made this way without restarting KM. There you also have the ability to modify and remove items.