Microwave honey and molasses in a 1-qt. microwave-safe dish at HIGH 1 minute; whisk until blended.
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 1 1/2 to 2 hours or until a meat thermometer inserted into thickest portion registers 140, basting occasionally with honey mixture.
Transfer ham to a serving platter, reserving drippings.
Bring drippings and remaining honey mixture to a boil in a small saucepan. Boil 1 to 2 minutes.