not that i know of with the stock contacts app... you can go into the dialpad and set up speed dials. I think you go to the dialer and select hide keypad and the speed dial launcher comes up go to bottom right and add some that way.
Another great way is to replace the stock contacts app with another one. The best freeware one I have found is pocketcm it has the favorites function as well as a smart dialer if you click the phone icon inside pocket cm you jsut start dialing part of the number or type the name using the dialpad to filter contacts.
http://www.pocketcm.com/contact.php