Cacao mucilage is an underutilized cacao side stream with potential as an acidic base for value-added beverages. This study evaluated five minimally formulated CCN-51 mucilage beverages containing water and either honey or sucrose to determine whether formulations with the highest chemical responses also achieved the greatest consumer acceptance. Physicochemical properties were determined in three independent batches, whereas Folin–Ciocalteu, DPPH, ABTS, and FRAP responses were measured in four independent batches. Consumer data were obtained from 135 adults who completed evaluations of all five formulations using a seven-point hedonic scale. Formulation affected pH, total soluble solids, titratable acidity, the TSS/TA ratio, and all chemical responses (p < 0.001). Unformulated mucilage showed the highest DPPH, ABTS, and FRAP values. Among beverages, F4 (45% mucilage, 15% honey) had the highest Folin–Ciocalteu response (60.64 mg GAE/g), whereas sucrose-sweetened F5 showed the highest DPPH and FRAP responses. F3 (40% mucilage, 10% honey) achieved the highest composite acceptance (5.59/7; 81.5% favorable responses). Multivariate analysis distinguished the Folin–Ciocalteu response from the antioxidant-assay pattern, showing that the highest chemical responses and greatest consumer acceptance occurred in different formulations. These findings identify F3 as the most promising starting formulation for subsequent mixture-design, microbiological, shelf-life, and scale-up validation and support cacao-mucilage valorization by cacao processors and beverage manufacturers.