Using いちばん好きな
I think いちばん好きな can be used to describe a noun, right? Because 好きな is a な-adjective.

Can I use it in both of the following ways?

私のいちばん好きな映画は「千と千尋の神隠し」です。
My favorite movie is "Spirited Away."

「千と千尋の神隠し」は私のいちばん好きな映画です。
"Spirited Away" is my favorite movie.

Are these sentences correct?

Question

Using いちばん好きな
I think いちばん好きな can be used to describe a noun, right? Because 好きな is a な-adjective.

Can I use it in both of the following ways?

私のいちばん好きな映画は「千と千尋の神隠し」です。
My favorite movie is "Spirited Away."

「千と千尋の神隠し」は私のいちばん好きな映画です。
"Spirited Away" is my favorite movie.

Are these sentences correct?

Answer

Correct. 
いちばん好きな○○ means something I like best.

Answer

I think they are correct. 
It's just about the habit.
I would say : 私は「千と千尋の神隠し」という映画が大好きです。