Oh, while I am here, note that you get some things for free just for getting enough favour. 32point builds are a long way off, but drow is fairly early and is sort of like a toned down version of 32 point build. I would strongly recommend saving your points and just trying it out with the options that you have, you can delete your character if you don't like it and get the character slot back, the items and experience go poof but otherwise you don't really loose anything.
For reference, I had hit Drow within about two weeks of playing (IIRC). A year and half later I'm almost up to unlocking 32 point builds on my main, although I did take a few multi-month breaks (I'd guess about 7-9 months seriously playing). The free content of the last couple of patches should be enough to push me over.
As for deleting characters, that's fine. But I'd recommend choosing a number of builds and trying them
on different servers. As Metalax said, you get big TP bonuses for the first bits of favour on each server, and combining this with trying new builds is sensible. Especially as it gives you permission to try wild things and horribly break the character. Disposable characters are lots of fun that way.
Right now I want to get to 1750 favour for the 32 point builds, along with getting the 50 Cannith favour to access that shop and stock up on Marks. That will let me reduce the minimum level on crafted items, making my already stupidly powerful low level gear truly OP. The Cannith favour is tough because I have to use free challenge tokens, but I've got enough stocked up from before that I can join PUGs with people who own the challenge pack without many problems.
Once I manage them and polish off my last bit of Greensteel (a second Lit2 DA -
the recipe for reference, although I'm down to the last 10 large ingredients...) I'm probably going to TR Kosoth.
I don't remember if Favor is total per account or per character (I think it's per char), you'll gain most of your FP early I think so making at least one toon to replay over and over to get enough points for one thing could be a good idea (also, a lot of the early quests are quick and nice and fun and soloable, they increasingly become more "epic" {in scale, not in difficulty setting}).
All the totals are per character.
You can farm the first 100 favour in under an hour with a dedicated group and a little knowledge. That's not a great rate of return though. I've farmed the early quests a little (initial bonuses on each server, a few alts) and while not burned out on them they do lose a little charm after a while.
Late game has some fantastic favour rewards from quests that also give great character benefits (xp/loot). I'd only actually favour farm on alts if I didn't have a character I wanted to advance in a way that didn't require TP. Right now I'd quite like to put a few past lives on Kosoth, a very long term project I should be able to manage with my current adventure packs and unlocks. Also a project I'd expect to rake in massive amounts of TP.
Re: actual store purchases: most things are permanent unlocks across servers. Usually only item buying is per character and repeatable. Note that whatever you unlock with FPs is for one server only, so if you play on more than one, you have to repeat the process again.
I'd be careful about that first part. Most of the storage upgrades are character locked. Only the shared bank slots and shared platinum bank are unlocked for the entire account. Other bank upgrades and the extra inventory bag are only for a single character.