I understand 'some content' can be faved as I mentioned above. The request was allow users to Favorite a "Timeline Post". The whole thing. Maybe by having a 'Star' icon next to Comments and Like? Then have a 'Favorites' area in your profile under Timeline just like you have for Discussion posts.
It maybe be very confusing, you need to only fave original content, but not the reference to it. Timeline mostly consists of references to the original content.