Yes, it is a good idea. Bear in mind that the malt extract does not ferment out as much as dextrose so if the receipe called for 500g Dextrose you might want to add 600g of malt extract.
remember honey isn't pure sugar either...there's a fair amount of water content. Honey does have an average gravity of 1.040, which is a little higher than malt extract if I recall correctly.