I think it's fine. You certainly can have more than one "favorite." You can say "I like all of Nevil Shute's novels, but <em>The Trustee from the Toolroom,</em> <em>A Town like Alice,</em> and <em>No Highway</em> are my favorites." So how can you express the notion of which of those "favorites" you like best? You certainly can't say "favoritest!"
Now I'm going to search for examples.
"often after having invented one of the most ingenious and natural theories imaginable, she will have the
perverseness to act directly in the teeth of [a philosopher's] system, and flatly contradict his most favorite positions."--Washington Irving
"During the attempt we shall become unintelligible to one another, and science will be really retarded by efforts to advance it made by its most favorite sons."--a letter by Thomas Jefferson
"Hum's most favourite perch was the back of the great rocking-chair, ..."--Harriet Beecher Stowe
"His deepest researches and most favourite studies are willingly interrupted for any opportunity of doing good by his counsel or his riches."--Samuel Johnson.
"He talked of Isaac Walton's <em>Lives</em>, which was one of his most favourite books."--Boswell's life of Johnson.
"She was born to discover the falsehood of her own opinions, and to counteract, by her conduct, her most favourite maxims."--Jane Austen, <em>Sense and Sensibility</em>
<em>"</em>One of his most favourite topics, on which he is rich indeed, and in descanting on which his spleen serves him for a Muse, is the disproportionate match between Desdemona and the Moor."--William Hazlitt
Oooh... and a sonnet by William Wordsworth:
<em>Say, what is Honour?—'Tis the finest sense....</em>
<em>Endangered States may yield to terms unjust,</em>
<em>Stoop their proud heads;—but not unto the dust,—</em>
<em>A Foe's most favourite purpose to fulfil!</em>
<em>Happy occasions oft by self-mistrust</em>
<em>Are forfeited; but infamy doth kill.</em>
If you say "most favourite" I think you're in pretty good company--on both sides of the Atlantic, with or without a <em>u.</em>