My guess would be yes. I currently have the LG Glimmer, which is a touchscreen, and it allows for speed dial by pressing and holding a number on the screen.
So if a lower model LG non smart phone has it, then i would think its safe to say the Storm will have it.
There looks to be a Favorites list in the Call Log, hit the green Send button and it jumps right away to the Call Log, hit the Star and you have a list of favorite numbers.