@YehHyunLee Thanks for the reply! I'm aware of particles, this was for speaking though so I wasn't thinking about them too much. However, could you explain to me why 제 would need a subject particle in the first place? I thought that the subject of the sentence was "My favourite song" or "제 가장 좋아하는 노래", where 제=저+의. In fact, looking back I did add a topic particle to 노래 for this exact reason. Would adding 가 to 제 not change the meaning to "I am my favourite song on the album my time"?

Thanks in advance!

Your sentence is great except for the first part. That part is awkward to Koreans because it hasn't any particle(or marker, told with some books). If you have no information of 'particle', it will help you get a new knowledge, https://funkorean4u.com/2015/05/21/grammar-%ED%95%9C%EA%B5%AD%EC%96%B4-%EC%A1%B0%EC%82%AC-korean-particles-makers-part1/

So, according to Korean grammar, a word '이' or '가' has to be put on a next to '제'.

Oops, I'm so sorry that I hadn't thought about your reply.

Then I'll tell you the questions you said.

First, the word '제' is not only a compound word with '저' and '의,' but just a different way to say '저.' I think you have a tendency that a word from English must be altered to only one Korean word, but it is not true for them and every couples of language as well. In Korean, 'I' can be translated for '저가,' '제가,' '저는,' '나는(the normal form),' '내가(it is, too),' etc.

Your second asking is also equal to the first.

Thank you for replying. ;)