Should I farm Mystra's Favor?
Solution 1:
Whether to farm or not depends on how much favor you already have in any of the three main ones. The less you have, the less bonus more Mystra's favor really gives you.
It works more or less like any event favor; once the Time Gate runs out of time, you have to convert it. Once you stop getting double-digit increases in the main favor runs, then it's a good idea to prefer event/Time Gate favor over regular runs; you're going to get more bang for you buck.
Mystra favor only gives a quarter of the returns of event favor; where event favor of e10 will translate to a 100% conversion rate, e10 of Mystra's only translates to 25%.
So the short answer is, if you're not getting 25+% increases in your runs, focus on Time Gates, otherwise your runs will give you more favor.