The answer depends on your routes so it might be handy to post them as well but if they look like this:
resources :projects do
member do
get :featured
end
end
I would hazard a guess that the syntax you want is:
project_featured_path(project)
I checkout out the friendly_id source and it seems that friendly_id overrides the active record 'to_param' method. This is called by the rails path/url helpers to construct urls from AR objects so will construct the url with the url slug.
Also see the finder methods in the source where it looks like friendly ID overrides the 'find' method. It first looks for a friendly id and if that fails it falls back to looking it up by the traditional id.
I think that should help or hopefully be a hint in the right direction.