In my opinion, as someone who is not an expert by any means, but has a great interest in Heathenry, Loki isn't the god of choice.
For one, in ancient Germanic society, he would be an oathbreaker and murderer, which are some of the biggest crimes one can commit. In the Edda's he does nothing besides serve himself, often at the detriment of the Aesir. He may have had a hand in the forging of Mjolnir, but it was simply because of his love of gambling that he even asked the dwarves to create the hammer.
He also serves no real purpose like the other Aesir do, nearly all of his actions create chaos and conflict for no end, which is something the Aesir fight against, in order to keep the world in order.
So for honoring and worshiping Loki - I think it's not the wisest action. Unless you think you need chaos and upheaval in your life that might leave you with the short end of the stick.