Microwave honey and molasses in a 1-quart microwave-safe dish at HIGH 1 minute; whisk to blend. Whisk in bourbon, orange juice, and mustard.
Remove skin and excess fat from ham, and place ham in a roasting pan.
Bake at 325° on lower oven rack for 1 1/2 hours or until a meat thermometer inserted into thickest portion registers 140°, basting occasionally with honey mixture.
Bring drippings and remaining glaze to a boil in a small saucepan. Remove from heat, and serve with sliced ham. Garnish, if desired.