Preheat an oven to 375 degrees F (190 degrees C). Lightly grease an 8x8 inch baking dish.
Season scallops with salt, pepper, and low sodium seafood seasoning in a bowl. Place scallops in prepared baking dish and sprinkle with olive oil and 1 tablespoon of lemon juice.
Bake in preheated oven until scallops are hot and beginning to turn opaque, about 15 minutes.
Combine margarine, 2 tablespoons of lemon juice, honey, shallot, and garlic in a small saucepan, and bring to a simmer over medium heat. Cook and stir until the sauce thickens and the shallot has softened and turned translucent, about 5 minutes.
Remove scallops from oven and use tongs to turn each scallop over in the baking dish. Sprinkle the hot lemon-honey sauce evenly over the scallops.
Return scallops to oven and continue baking until scallops are opaque and sauce has formed a glaze over the scallops, 15 to 20 minutes.