Combine first 4 ingredients in a medium bowl; stir well with a whisk.
Heat milks over medium heat in a small heavy saucepan to 180 or until tiny bubbles form around edge (do not boil). Gradually add hot milk to honey mixture, stirring constantly with a whisk.
Pour 1/2 cup custard mixture into each of 4 (6-ounce) custard cups.
Place cups in an 8-inch square baking dish; add hot water to baking dish to a depth of 1 inch.
Bake at 325 for 50 minutes or until almost set.
Remove cups from baking dish; let cool completely on a wire rack. Cover and chill thoroughly.