For what it's worth, Kine (software that k3s uses to replace etcd with SQL databases) implements etcd watches on SQLite through polling[1]. The reason being that SQLite does not offer NOTIFY/LISTEN like MySQL and Postgres do. Ironically, Honkey attempts implementing NOTIFY/LISTEN through polling.
k3s has been running on my home server for about three years now (using the default SQLite backend), and there doesn't seem to be excessive CPU usage despite dozens of watches existing in the simulated etcd. Of course, this doesn't say much about Honker, but it's nonetheless worth pointing out that sometimes the choice of database forces one towards a certain design.
[1] https://github.com/k3s-io/kine/blob/648a2daa/pkg/logstructur...
Are you trying to avoid sleep?
With SQLite, you're basically funneled towards a single-writer / single-process design anyway ... in which case why not use a more traditional condvar + mutex rather than polling?