Well, it will get the job done...
Throwing the recipe in www.tastybrew.com/calculators/recipe.html
, and comparing it to a traditional bavarian weizen because I dont think they have a honey wheat to compare it to, your ABV is a little high, but if you only use 1 oz. of hops at 60 mins your IBUs should be right on, and your SRM looks good. You probably dont need to add any late addition hops, as you wouldnt want too many hop flavors in a wheat beer, it is all about the yeast's clove/banana thing going on.
The biggest concern I would have is that your 3lb Red German/Wheat Malt have enough enzymatic action going on to convert the 1lb of Munich, which needs some help. I think it will.
What I might do... And I am relatively new so feel free to totally disregard this... is go with 2lb. of the Red German and 1 lb. of Honey. If you got a 70% efficiency on your PM the final product would still be higher ABV than a traditional hefe, but not by much. There is a good chance you will get less than 70% efficiency, due to A) it being your first time and B) the utility of the enzymes in the wheat to red german to convert the munich it might fall right into line where it belongs.
However, I also have little regard for actual style guidelines when brewing, and might just keep the recipe with all of the grains as you have them, and accept the fact that it is 1.1 ABV higher than standard. The most important sticking point would be the hops, while I am a hophead a wheat doesnt want to be overly hoppy, just a nice bitter to balance the flavors and sweetness, so probably stick to only 1 oz. at 60. If you wanted a bit more hop character go with .5 oz at 60, .5 oz at 45, and .5 oz at 30. This will probably drown out the honey though.
Like I said, I am relatively green and am not entirely helpful. But hopefully I could provide a start and someone else can correct me and improve upon what i said...