We don’t know much about the history of this cocktail, other than apocryphal stories about its invention as a way to cover up the acrid flavors of Prohibition-era bathtub gin. It’s first mentioned in print in 1948, in David Embry’s The Fine Art of Mixing Drinks. Embry talks some trash about the original equal-parts recipe for the drink, before suggesting it’s better as a variation on the gin sour.
This is a recipe that lends itself well to herbal or floral gins, or Old Tom gin (which is a bit sweeter than your typical London Dry). If you go the Old Tom route, drop the honey down a tad to compensate for the additional sweetness.