Steep the Earl Grey tea bags in boiling water for 5 minutes. Remove tea bags and let the tea cool slightly.
In a large pitcher or punch bowl, stir together the warm tea and honey until dissolved.
Add lemon juice and bourbon. Stir to combine.
Chill in the refrigerator for at least 1 hour.
Before serving, add ginger ale and plenty of ice.
Garnish with lemon slices and fresh thyme. Serve cold.