Yes, it is possible to make honey even better....
We have an organic lavender ranch nearby so I have LOADS of lavender hanging around. Lavender honey is wonderful for cooking, for tea, and for beauty-related stuff like facial scrubs.
There are so many varieties of lavender and each one adds it's own flavor and aroma to the honey. I purposely left the measurements out, because it does vary so much. Play around with it.
You can also do step 3 in a different way. Add the lavender and honey to a small sauce pan and heat it, letting it simmer for several minutes. Do NOT let it boil. Then, place the mixture into the jar and on to the windowsill for 3 days, swirling as above. This method will give you a honey that is more strongly lavender. Better for using in complicated recipes like cookies, cakes, etc. than step 3.