I just posted a method to set Opera as the default handler for .url files (which are the ie favorites that show up in the \Windows folder). If PointUI is just pointing to these files, this method should redirect them to open in Opera. If it does something else, it might not work.
http://forum.ppcgeeks.com/showthread.php?t=62816
Installing the Opera beta is useful, as you can get your entire bookmark list formatted in correct opera format (and then save that file, and uninstall the beta). But it doesn't solve the problem of opening .url files globally.