I liked the first Iron Man a lot, and IIRC Iron Man 2 wasn’t as good due to studio interference. Last year I saw Swingers which Favreau wrote and thought was a nice movie.
That’s the extent of my knowledge of Favreau’s work behind the scenes so I think this might be worthwhile as long as he takes loads of risks instead of coming up with play-it-safe sanitised stories like Filoni who AFAIK will continue to shoehorn Ahsoka in every single SW story until the end of time.