Those are really good questions, and I think that Willowtree is going the right direction.
Willowtree writes:
Dr. Scott goes on to define faith to be 90% courage, 9% endurance, and 1% feeling (at best). The only faith God recognizes as genuine, is faith that has as its object His word of promise.
I think that Hebrews 11:1 has to be taken in context with the rest of the chapter, not left hanging out there like most people use it. If you read anything from Vs 7 down it's all about the actions of the Patriarchs. Abraham obeyed and went, Noah built the ark, the walls of Jericho fell after the people marched around them. I don't think that Faith without action is really faith.
That 1% feeling is probably the belief part and the courage and endurance come with the actions. I think that's what James is talking about. Faith without works is dead. Why? It's basically saying to put your money where you mouth is. A perfect example to use is with tithing. If you say you have Faith that God will provide and yet fail to give him the 10% he asks for, then do you really have faith that he will or are you putting your trust in money?
It's also true though that faith is only as trustworthy as the trustworthyness of the object of faith. I think this is where some people can get very hurt by the church. People put there faith in the people within the walls instead of in the one who is building the church. Your Faith has to be in something true and consistant, and God's the only thing that is.
I think also Hebrews 11:6 gives us some indications of what Faith is. "And without faith it is impossible to please God, because anyone who comes to him must believe that he exists and that he rewards those who earnestly seek him." 1. you must believe he exists, and 2. that he rewards those who seek him. If you don't seek him then you miss out, but if you don't seek him do you really believe that statement? Actions are a necessary part of Faith.
I'm not sure if that's what your looking for, but I hope I've been somewhat helpful.