Is there a way in StackOverflow to filter questions based on my Favorite Tags? (not searching)
There are two options that may be helpful:
This page would provide with the feed of all questions based on your user fav tags. You may create your own tag sets.
Further reading: http://blog.stackoverflow.com/2010/11/tag-sets-on-stack-exchange/
Although tag filtering did not work well for me, it seems one can use customized URL to make SO engine properly associate tags with OR operation. This link seems to be quite self-explanatory:
Both approaches also support RSS which seems very useful if there are many of those. I have recently eliminated a whole set of individual per-tag subscriptions by replacing all those with a single one.