Favorite vs. Default Settings

I have to admit I'm having a hard time finding the appropriate place to set "Default Settings".

For example, if I want add entries to the ASCII File list for a particular Favorite, I simply select that Favorite in the Favorites Menu and then select the Properties menu item. From there I can pick the "ASCII / Binary" property and add the values as needed. Where can I add a "default" ASCII file list though so I don't have to do this for every favorite?


In the favorite properties dialog there is a link to change the default favorite in the bottom left.

Or you can also access it through the favorites browser:
1. Menu: Favorites->Edit Favorites
2. Tools->Edit Default Favorite