I love this thing.
What we have here is a wooden pencil holder that is shaped like a baseball resting on a bat and pedestal. Across the 'sweet spot' is the name Valenzuela -- no doubt in reference to Dodgers pitching sensation Fernando Valenzuela. There are no other markings, other than 'Mexico' being scribbled on the underside of the base. Additionally, I'd find it surprising if this was licensed in any way. Instead, I think this was something an enterprising Mexican entrepreneur created to take advantage of the Fernandomania that had gripped much of the America's in the early-80's.