Hi Zack,
Which PSR keyboard do you own? Yes, you can delete, edit, or create a new Music Finder file from scratch. If you own the PSR2000 or PSR1000, I recommend you use Fabien's excellent free Windows PC utility program (MusicFinder Editor 2.7) to do this rather than attempting this on the the PSR2000 keyboard itself (as it's painfully SLOW to perform on the keyboard itself). With the Music Finder Editor you can quickly select which songs you want included in the Favorites as well as make customized search fields.

Fabien's Music Finder Editor version 2.7 does requires that you have 'Microsoft Excel' installed on your computer though:
http://perso.wanadoo.fr/fjm/english/psr2000.htm

HOpe this helps, - Scott