You are absolutely correct. The word translated "full of Grace" in Catholic Bibles and "highly favored" in many other Bibles is Charitou. It is found one other place in Scripture: Eph 1:6 To the praise of the glory of his grace, wherein he hath made us accepted in the beloved.
Where it is found is not in the glory of His grace; rather in our being made accepted.
Mary was made accepted by God. She was just like us, but as part of the miracle of the Incarnation, God made her accepted to conceive, carry, and birth Jesus.
Amen. You said it much better than I did.
And just as God made Mary accepted, so does the righteousness of Jesus Christ make all of us accepted to God, by His grace alone.