To make honey last practically forever, make a fishing rod and equip honey, that is about to spoil, to the fishing rod, then un-equip it. It should refresh the spoil timer. Does not work with leech blood. Tested on PS4.
On crystal isles, there is a honey cave with sooooo many hives you can harvest from. Get a dire bear, which is reallly easy because they are found in the cave with the bees. When you tame one, just go on a rampage, harvesting hundreds of the sweet golden honey!
The honey is a must for fishing. It can be used for salmon, just like leech blood. I used it as bait for an hour and noticed that fish bite more frequently. In a pool with coel and salmon, I noticed that the salmon bit more frequently than the coels while using honey as bait.