Did mine yesterday with the help of Valkpilot and Godfire. Total cost was $36.
1157 Dual Filament Sockets x2 (Shallowest you can find) - $4 each
1157 Dual Filament Bulbs x2 - $4 pair
Heavy Duty Electronic Flasher x1 EL-12 or FL32 - $9 (same part just different number)
Hopkins Taillight Converter #48845 -$15
All of these can be found at a good auto parts store. I had to go to a couple because one didn't know what a heavy duty flasher was, and didn't have the proper taillight converter.
You will also need some epoxy, male and female electrical connectors (I used blue size), schematics, and preferably someone who has done it once.

Disassemble your license/flasher assembly. Make note of how things come apart. They will have to go back the same way later.

Twist the inside of one of the blinker assemblies and remove the guts. Pull the wires all the way out. Somehow you have to shear/break/punch the center socket out of the main enclosure. The outer enclosure may crack. This can be glued later.
Take one of the new sockets and solder or use a connector of some sort to connect about a 8-10" ground wire. Run the 2 socket wires and your new ground wire through the hole you previously created. Before epoxying, put a bulb in and make sure there is enough room for a lens to cover completely. If not, adjust accordingly. I epoxied the backside of the socket/enclosure. All 3 wires should be coming out at the same place. Repeat on other blinker.
Once both are done, you should test them. That way if you messed up its still apart and can fix it, and also you need to know which of the new socket wires is the break light and which is the running light. We used a battery charger and connected to ground and then to each of the socket wires. Whichever is brighter is the break light. Mark that one with a red tape or something. Repeat on other socket. Run the wire back through the back plate piece and refasten the blinkers. You may have to trim the wires back. There isn't much room for excess wires when reinstalling. Place a male connector on each of break light wires. Take the other wire from BOTH sockets and connect one male on both of those wires. (pig tailing). We did the same with the new ground wires, but I don't think it was necessary. Reconnect and assemble the rear license/blinker unit. You can use a clear or amber lens's with red model paint. It is illegal in most states to have amber running lights.
This is the hard part. It might take some trial and error or someone with some smarts. Remove the right side cover and pull back on the connector rubber sleeve. These should be your rear light wires. Confirm by matching the schematic and wire colors. Trim a few inches of wire off both sides of the converter. Connect Female connectors on the 4 wire side, and males on the 5 wire side. Best to also make a pigtail from some old wire now (2 wires with female ends to 1 male end). The 4 wire side will connect to the wires going to the taillight section. This should help some.
Honda Wires Converter
Green White
Brown Brown
Orange Yellow
Blue Green
The pigtail you made is to go from the Green/yellow wire of the electrical system to the Red wire of the 5 wire side and the Green yellow of the taillight section. This is a backup system incase there is a fault with the run/stop turn lights, your main tail light will still function as intended. Test, troubleshoot, and reassemble when completed.
At this time it should work as intended during testing. However, if you break AND turn, your blinkers will flash very quickly. That solved in the next step.
Remove your seat and left side cover. Down below the bottom of the tank part is a 3 prong flasher circuit similar to the one you bought. Either replace it completely or install the new one on the left side and run the wires to it from the old location. You can cut a couple inches off the old connectors and install new ones I'm told. You will use the Black and Grey wires I think. I have not completed this step yet myself.
I hope this helps some. Good luck.