There certainly are wrong methods, and one of these is to just throw people together and hope they gel. I don't have any experience of Honey & Mumford, but if (as it seems) it is to do with learning styles, it may not be the best tool.
I have used Belbin profiling And have referenced it in another answer elsewhere), which seems to work well if you have the flexibility to ensure that you have covered all the different personality types. It can also explain why a project may be struggling, despite having good people in the team: I once had a small team of three of whom two were "Resource Investigators", one was a "Team Worker" and I was a "Completer Finisher". Even taking into account secondary roles, we had big gaps, which I filled on an informal basis by asking other interested parties who had the right profiles to participate in our team meetings, which made a huge difference.
To answer the final part of your question, yes, I would encourage this type of exercise, for reasons of knowing what you have, and giving you the opportunity to fill gaps and/or improve the overall balance.