As I understand it, from observing what's gotten people in trouble in the past, is that favors given freely between adults is never a problem. Many of the playtron social groups have a pin-type favor that members are given, and some rennies have small favors they give out. I know I still have a favor sash somewhere in my storage totes with a few of them.
Things get a little stickier with playtrons who distribute token gifts to children (i.e. dragon tears and such) because they are not employees of the faire, and liability questions arise if wee ones hurt themselves with said gifts. That said, many still do, but give tokens to the adult guardians to pass on to children present. The only time I've seen anyone get in trouble is when money changes hands on faire grounds between private parties for crafty goods or other things being sold by vendors.
As long as you're giving it away to people you know, it's all good.
