To make the milk chocolate sauce: Combine the cream and honey in a small heavy saucepan and bring to a simmer over medium heat. Remove from the heat and add the chocolate. Let stand until the chocolate melts, about 2 minutes, then whisk to combine. Cool the sauce slightly, then pour into a clear glass serving bowl or small pitcher. (The sauce can be made 1 week ahead. Cool completely, then cover and refrigerate.) Re-warm the sauce in the microwave, if necessary.
To make the whipped cream: Using an electric mixer, beat the cream and sugar in a large bowl until soft peaks form. Transfer the whipped cream to a serving bowl. (The whipped cream can be made 2 hours ahead. Cover and refrigerate.)
For the sundaes: Place each topping in a separate serving bowl. Scoop the gelato or ice cream into dessert bowls and drizzle with the milk chocolate sauce. Allow guests to sprinkle their desired toppings over their sundaes. Top with the whipped cream and cherries, if desired.