This is a question that one may ask in any Harvest Moon or Rune Factory game, although there usually is a wider variety of Gifts with different values in Harvest Moon than in Rune Factory. 'Most Favourite Gifts', whether there is but one for each Character or a fairly good selection as in Animal Parade, have a higher point value in terms of increasing Love and/or Friendship but how significant is the difference in terms of a timeline?
In a game like Animal Parade, Heart Levels tend to increase rather slowly compared to some other Harvest Moon games. Even so, when progress in terms of the main plot is added to the equation, the rate at which Friendship/Love increases actually make sense.
As long as you have not neglected an individual completely, you should find that most Characters will reach 3 Hearts at the same time that you need 10 Characters at 3 Hearts in order to ring the Purple Bell, which is the 5th Bell, otherwise known as 'The Bell of Happiness'.
Giving Characters 'Most Favourite Gifts' as opposed to 'Favourites' did allow them to reach 3 Hearts faster, but the difference in time was not that significant.
If you are the sort of player who concentrates solely upon one Eligible Girl or Bachelor, then you probably will give 'Most Favourite Gifts' to that individual on a daily basis, experiencing all Heart Events at the earliest possible moment in order to marry as quickly as possible. If, however, you wish to advance the Heart Levels of EVERY Character, it may make more sense to give simple Favourites rather than Most Favourites on a regular basis to EVERY ONE.
One reason for employing the latter strategy is the need to organise a Rucksack rather like Father Christmas every day to deliver Gifts to every one. Even with the largest expanded Rucksack, a player may find it difficult to carry specific Most Favourite Gifts for every one.
On the other hand, by carrying a stack of Herbal Tea, a stack of Sakura Seashells, a small stack of Cocktails, a couple of Boiled Eggs and whichever Shellfish is currently in season as well as a small stack of seasonal Flowers, you can achieve a 'single heart' response from almost every one. There are a few exceptions, but almost every Character will be very happy with one of the above. One of the more difficult Characters to please may be Phoebe, but both she and Bo will be more than happy with the Gift of a Mushroom (White, not Common). Even this streamlined selection of Gifts will occupy 7 slots in your Rucksack, but if you attempt to add specific 'Most Favourites' for every one, you will find it to be a task of herculean proportions. Another problem is the burden it places on your memory. It is difficult enough to remember all your Chores. If you add the necessity to pack your Rucksack with a dozen different items as Gifts for individuals, you may go a little mad with the strain.
If there are nine Characters who love Herbal Tea, it is far simpler to remember this list than to assign a different item to each of nine different individuals.
Finally, although it is better to grow, collect or cook your own Gifts, there are times when it is convenient to know which Characters love the least expensive items on sale at local shops.
For example, there are quite a few Characters who will accept Remedy happily. Remedy is sold at the Choral Clinic for 180G. Likewise, there are quite a few who love Coconut Cocktail or Raspberry Cocktail, the least expensive Cocktails on sale at the Brass Bar for 200G. If you arrive on Toucan Island without any Gifts for Samson or Sue, it is good to know that both will be pleased to receive Pineapple Juice, sold at the Pineapple Inn for 160G.
By making Sakura Seashell and the Shellfish that are found at the Beach very popular with a large percentage of Characters, however, there really is no need to spend money in order to make friends. You can begin immediately in Spring with a daily routine of collecting items such as these and handing them out as gifts. Herbs are accepted as well if you cannot afford the Pot you need to make them into Herbal Tea.
The photograph shows Julius' Response to one of his Most Favourite Gifts, a Rose. Although a Rose will elicit the burst of hearts that indicates the highest point value, he will respond to a simple Herbal Tea with the single heart that denotes a Favourite. The point value difference is not that significant at the end of the day.
Furthermore, simple 'meeting and greeting' DOES have a point value. With Characters at 2 Hearts, again and again I have raised their Heart Levels to 3 with a simple Greeting, obtaining thereby their Wishes before I ever gave a Gift to any one that day.