When in the Eastern Algarve I hear and use “ faz favor” more often than “por favor”. Is the former considered old fashioned?
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I’d say “se faz favor” (which is usually blurted out as if it were a single word - like “fachavor”) is used more often, but both are common and neither is considered old fashioned 
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Once I realized how often it was used (around Lisbon as well), I switched to saying it too. It’s a bit less work for my English mouth muscles to say “se fashavor” instead of “por favor”… that closed o, followed by the r and f in the latter phrase is a lot of work! 
Just for fun, I’ll drop a couple Rui clips from the Learning Studio below, featuring each phrase in context:
A conta, por favor:
(The bill, please)
Lava as tuas mãos, se faz favor:
(Wash your [informal] hands, please)
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