In a large pitcher, combine the honey and warm water; stir until well dissolved. Then add the lemon juice, gin and elderflower liqueur. (At this point you can refrigerate the punch for service up to 3 days in advance).
When ready to serve, pour the chilled mixture into a punch bowl or large drink pitcher. Add champagne and stir.
Serve over ice and garnish with lemon twists. For the ultimate presentation, serve over large format ice cubes studded with edible flower petals made in square silicone ice molds.