Mix 1/2 cup flour and 1/2 teaspoon salt on a plate. Whisk the remaining 1 cup flour, the cornmeal, sage and 2 teaspoons salt in a large bowl. Pour the buttermilk into a medium bowl. Dredge the squash slices in the flour, dip in the buttermilk, then coat with the cornmeal mixture, shaking off any excess. Place on a rack set on a baking sheet.
Heat about 2 inches vegetable oil in a large heavy pot or Dutch oven over medium-high heat until a deep-fry thermometer registers 350 degrees F. Mix the honey and hot sauce in a small bowl.
Working in batches, fry the squash, turning once, until golden brown, about 4 minutes. (Adjust the heat as needed to maintain the oil temperature.) Remove with a slotted spoon and return to the rack to drain. Season with salt. Serve hot or at room temperature with the spicy honey.