Is there any way of customizing "View Latest Content", so that it will only show results of forums Im interested in as opposed to them all?

A huge green kickass "thumb up" button right next every thread would do the job I guess.

Is there any way of customizing "View Latest Content", so that it will only show results of forums Im interested in as opposed to them all?

Not directly, but there is a way to watch the forums you like.

First, in the forums you like, hit the "Watch forum" button. This will cause the forum to appear in the 'Watched Content" block.

Next, if you want it the list to float to the top, there are instructions for that in the big sticky discussion "what does everyone think about the new site layout".