Special equipment: a deep-frying thermometer and 6 wooden skewers
In a large Dutch oven, heat the peanut oil to 350 degrees F over medium heat. Line a large plate or baking sheet with paper towels.
In a large bowl, sift together the cornmeal, flour, sugar, baking powder and salt. Add the buttermilk, vegetable oil, honey and egg and stir to combine. The batter should be a little thicker than pancake batter; it should fall off a spoon but not run off of it. If necessary, add more buttermilk 1 tablespoon at a time.
Dry the hot dogs thoroughly with a kitchen towel. Insert a skewer into the cut end of each hot dog, pushing it almost all the way through to the tip. Sprinkle the cornstarch onto a small plate and roll the hot dogs on the plate to lightly dust them with cornstarch. Gently tap the hot dogs to remove extra cornstarch.
Pour the batter into a tall drinking glass. Holding a skewered hot dog at the bottom of the skewer, dunk the hot dog straight down into the glass of batter so that it is fully immersed in the batter. Slowly pull the hot dog back out, ensuring that it is fully coated on all sides and allowing some of the excess batter to drip back into the glass. Immediately place the battered hot dog carefully into the hot oil while still holding the stick (with tongs). Cook until deep golden brown, 2 to 3 minutes, turning the stick as necessary to ensure even browning. Place the cooked corn dog on the plate of paper towels to drain. Repeat with the remaining hot dogs.
The key for success here is to have a thick, but not too thick, batter. If the batter is not adhering to the hot dog, it is too thick. Add more buttermilk to the batter, just 1 tablespoon at a time, and re-dip the hot dog. A very small amount of buttermilk can make a world of difference.