Honey is hard to predict, since it is rarely processed to a consistant standard. If you dilute one part honey with 3 parts water and take a gravity, you can work back to the sugar content.
All of the sugar in honey will ferment, unless the yeast dies first. Not so with LME.
Once you get close to half honey, you are brewing a braggot (bragot). This will taste a lot like mead. I wouldn't go over 1/4 honey.
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