Honey still has better art on it than it's 2 player version, Super Star! I'd keep it the way it is because it looks to be in good shape, art wise. If it was in really poor shape, looks like death and was too difficult to restore the art, then I think putting it out of its misery and doing a re-theme is ok. But it's your money and pin so you can do whatever you want.
That said, I am re-theming my Super Star because the cabinet and backglass were in extremely bad shape. The playfield was sort of ok but still needed work. The game play is nothing great but I have fun and enjoy repeated plays. I read reviews and it seemed like the general consensus was that the art package did not go over very well with others and I was of the same opinion.
What follows is just my observations and what I've done. This is my first re-theme so I'm still learning and experimenting. I don't know your background, so forgive me if you already know this. In a nutshell:
1. The most affordable way to change the playfield art is to do it yourself. If you're an artist, even better. You can create the art directly on the playfield by painting, drawing, etc. You can use a computer to create the art and have a company print it on vinyl (I think) which you apply to the playfield. Probably not too expensive. Do whatever you are good at or enjoy doing. After painting you will need to clear coat. Many are using SprayMax 2k spray cans to do this. You will need some kind of paint booth and respirator mask because of the clear coat's toxicity.
2. I too am looking for ways to change the backglass. There is a topic on Pinside about DIY backglasses.
3. To work on the playfield you will need to remove everything off the top. You don't have to remove everything from the bottom but you will still need to disconnect a bunch of things. So you need to be comfortable doing this. It is helpful to have a rotisserie to mount the playfield on. Some make a special box to put the pf in so they can work on it. General paint and woodworking skills are needed. You will need to make new plastics for the playfield which requires cutting something like Lexan, then applying art to it. I am using decals printed on my laser printer. Document everything you do with pics, notes, etc. Take your time, be patient and have fun.
4. Search the forums. Vid's guide to playfield restoration isn't about specifically about re-theming but there's a lot of useful info there.
5. To me, re-theming is about something you are passionate about and really strikes a chord in you. Also, and IMO very important, you gotta love the game and the new theme/art. You've made something very personal to you and if you don't like it, you probably can't sell it (or maybe you can because you've done an amazing job!). I had a theme in mind when I was looking for a beater pin that had game play that was fun to me. This is a pin that I will be keeping because it is fun to play and the new theme is very special to me.