woo-featured-products.php

<?php
add_action('admin_menu', 'add_custom_featured_product_link');
function add_custom_featured_product_link() {
    global $submenu;
    $permalink = add_query_arg(array('post_type' => 'product','product_visibility' => 'featured'), admin_url('edit.php'));
    $submenu['edit.php?post_type=product'][] = array( 'Featured Products', 'manage_options', $permalink );
}