To answer your question, Kevin...
Yes, I think Peyton will catch Favre record-wise.
Favre might keep the consecutive game record, but I'm skeptical of that, too, unless Manning (i) gets hurt before Favre retires, or (ii) somehow ends up his career with another team because Indy has a brain fart and doesn't pay him between now and next year.
Why do I think Manning will break the game streak? Because he just doesn't get hit as much as most quarterbacks. Part of the reason Favre hasn't been injured is that his footwork as a QB tends to suck (by pro standards). Manning is textbook in his form, but he still rarely gets hit -- partly because he's got a damn good line in front of him, partly because he's so smart in finding receivers/getting rid of the ball fast.
And do not be conformed to this world, but be transformed by the renewing of your mind, that you may prove what is that good and acceptable and perfect will of God.
Romans 12:2 (NKJV)