Microwave honey and molasses in a 1-quart glass dish at HIGH 1 minute. Whisk to blend. Whisk in bourbon, juice, and mustard.
Remove skin and fat from ham; place ham in a lightly greased 13- x 9-inch pan. Make 1/4-inch-deep cuts in ham in a diamond pattern. Pour glaze over ham.
Bake on lower oven rack at 350° for 2 to 2 1/2 hours or until a meat thermometer inserted into thickest portion registers 140°, basting every 15 minutes with glaze.
Remove from pan, reserving drippings. Cover ham, and chill, if desired. Chill reserved drippings.
Remove and discard fat from drippings. Bring drippings to a boil in a small saucepan. Serve warm with ham.
* 1/2 cup orange juice may be substituted for bourbon.