Once figs have cooled, in a high-speed blender or food processor, combine figs, remaining 2 tablespoons red wine vinegar, remaining 1 tablespoon shallot, remaining 1 teaspoon honey, ¼ teaspoon salt, ⅛ teaspoon pepper, garlic, balsamic vinegar, mustard, water and remaining 1 bunch thyme; purée. The dressing should be fairly thick—use the tamper to incorporate, and stop frequently to scrape sides of blender/food processor until no large fig pieces remain. Add ⅓ cup olive oil in a steady stream with machine on. If you prefer a thinner dressing, simply add more warm water 1 tablespoon at a time and blend to preferred consistency. Set aside. (Can be stored in refrigerator for up to 1 week.)