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.
