Add 12 ounces of vanilla wafers to the bowl of a food processor. Pulse until the cookies are fine crumbs. Transfer crumbs to a large mixing bowl and set aside.
Add the pecan pieces (16 ounces) to the same food processor bowl. Pulse until the pecans are finely chopped. Mix the chopped pecans into the cookie crumbs.
Add the honey (1/2 cup), bourbon (1/3 cup), and rum (1/3 cup) to the mixing bowl and mix until evenly combined.
Shape into 1 inch balls, then roll the balls in either sugar and or additional vanilla wafer crumbs.
Notes
Let them rest at least 24 hours. The flavors bloom beautifully overnight.
Use gloves for rolling. Much less sticky and helps shape perfectly.
Sift powdered sugar onto a tray. Makes coating quick and even.