No, if you were to look at the recipe as a traditional recipe with wet
ingredients and dry ingredients, the dry milk would be coming out of the dry
list. But you don't have to fiddle with the rest of the recipe. The recipe should
be calling for water (1/4, 1/3.of a cup....) so you don't need to add more.

In fact, if you add honey, you are already adding a bit of moisture since honey
has water in it. If you really want to replace the dry milk, I have used powdered
soy milk with moderate success.

Good luck!
Lori