I don't see any reason why it would not work.
I have an old (1980?) Demco Kar Kaddy that I use to tow a PT Cruiser convertible.
It worked fine from here to Georgia and back.
What does the front axle of the Honda weigh? That is the weight that will be on the dolly.
You have already established that the total weight is 200 pounds under the max towed weight for the dolly.
Keep in mind that those weight ratings are not the actual maximum working loads.
That does not mean that you have permission to exceed those ratings, it merely means that you can load a 4700 pound capacity dolly to 4700 pounds without worry. It will actually carry much more than that without breaking. How much more? Nobody knows but the engineers who designed it, and they won't tell!