Reserve 1/3 cup of the cranberries for garnish; set remainder aside. With a vegetable peeler, remove strips of peel from lemon. In a medium saucepan, combine sugar, water, strips of lemon peel, stick cinnamon, whole cloves, and sage. Bring to boiling, stirring to dissolve sugar. Add the remaining (2-2/3 cups) cranberries. Return just to boiling; stirring with a long-handled wooden spoon. Reduce heat; cover and simmer 5 minutes.
Remove from heat. Cool to room temperature, about 1 hour. Stir in honey and lemon juice. Press mixture through a sieve; discard solids. Cover and chill syrup until ready to use, at least 1 hour or up to 3 days.
To serve, in a small punch bowl combine the cranberry syrup and ice cubes. Slowly add champagne. Stir gently. Ladle into glasses (or cups). Garnish with the reserved cranberries and with sage sprigs, if desired. Makes 8 (6-ounce) servings.