you can certainly go back to IE8 just download the installation from MS website. You might have to manually uninstall IE9 first.
if cannot find ie8 on the web you can install it from your win7 installation disk
as far as favorites in IE9, if you go to bookmarks menu, do you still see your favorites there as they were in ie8?
if not, then they probably didn't get imported over from IE8 when you installed IE9
you should still be able to find them at C:\Users\username\Favorites