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Mix the yeast and 1 ¼ cups of the cornmeal in a large bowl. Add 1 cup of the lukewarm water, stirring to combine thoroughly. Mix in ½ cup more of the water, if needed, to give the mixture the consistency of pancake batter. Cover with plastic wrap, and refrigerate for at least 8 hours, or overnight.
Preheat the oven to 200°F.
When ready to finish the hoecakes, begin by adding ½ to 1 cup of the remaining water to the batter. Stir in the salt and the egg, blending thoroughly.
Gradually add the remaining 1 ¼ cups of cornmeal, alternating with enough additional lukewarm water to make a mixture that is the consistency of waffle batter. Cover with a towel, and set aside at room temperature for 15 to 20 minutes.
Heat a griddle on medium-high heat, and lightly grease it with lard or vegetable shortening. Preparing 1 hoecake at a time, drop a scant ¼ cup of the batter onto the griddle and cook on one side for about 5 minutes, or until lightly browned. With a spatula, turn the hoecake over and continue cooking another 4 to 5 minutes, until browned.
Place the hoecake on a platter, and set it in the oven to keep warm while making the rest of the batch. Drizzle each batch with melted butter.
Serve the hoecakes warm, drizzled with melted butter and honey or maple syrup.