Preheat oven to 325°.
To prepare ham, line a broiler pan with foil. Trim fat and rind from ham. Score outside of ham in a diamond pattern. Place ham on prepared pan. Bake at 325° for 1 hour. Remove the ham from oven, and cool slightly. Increase oven temperature to 375°.
Combine 2 tablespoons preserves and 2 tablespoons mustard, stirring with a whisk. Combine the sugar and crumbs. Brush preserves mixture over ham. Carefully press crumb mixture onto preserves mixture (some crumb mixture will fall onto pan). Bake at 375° for 45 minutes or until a thermometer registers 145°. Place ham on a platter; let stand 15 minutes before slicing.
To prepare sauce, combine 1 1/2 cups preserves and remaining ingredients in a small saucepan. Bring to a boil; cook 5 minutes. Serve sauce with ham.