This would be (and was) abused. Honor would now be used for honoring good attitude/behavior (like it should be) but also to flag people that play well (so you can be matched with them again). This can be conflicting if you're honoring a complete scumbag who just so happens to be a god at league.
Real life example, honor was used up in the challenger scene where there aren't many players to flag the one trick ponies. I think HotshotGG got honored by every challenger player so they could see when he was on the other team (the ribbon shows) and ban out his champ pool (no nidalee). With your suggestion, you could do the same type of thing. Mute everyone you don't want to play with every game, honor the few people you do want to play with, and then queue at the same time to ensure that you're always on the same stacked team.
There are a few servers in China that actually use this kind of tactic to systematically raise ~10 accounts to challenjour at once. They take turns letting players win/lose while keeping the mmr relatively equal. This would enable that kind of behavior further so you have to be careful with the design.
Riot has a tough gig with these kinds of systems. Lots to think about!