*Honey will impact the overall flavor of your caramel, depending on how strongly flavored your honey is. If you want more of the Egg-Nog flavor to come through, you can either use a very light, wildflower honey or use Corn Syrup (like Karo) instead of honey. (Corn Syrup will also result in a smoother caramel)
** A candy thermometer is the most accurate way to evaluate the temperatures but if you don't have one, you can test the candy by dropping a small piece of the caramel mixture into a glass of cold water. If it has reached the desired temp (245-250 degrees Fahrenheit), the mixture will come together in the water and you'll be able to shape a soft ball of caramel. If you pull it too soon, the candy just dissolves into small particles in the water; pull it too late, and not only do you risk burning the caramel, but you'll have glass-hard candy.