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To assign priority to Projects you can use the Focus feature in OF combined with Perspectives. Simply select the projects you consider to be priorities by holding down the Command key and then click Focus. I do this to save a new perspective called "Priority Projects". You could potentially have several Priority Project perspectives.
I also use flags separately to concentrate on what I want to get done today. I have created a perspective, which strips out all the other info in the OF window like the toolbar, sidebar and view. It's great for ploughing through my list of priority actions for the day.