Regarding the bat itself, the regulations say it must be "round" (1.10), which probably rules out this particular handle. Other than round, the maximum weight, length, and diameter are specified. While bats close to these maximums were once widely used, almost all modern bats are well shy of those figures. Presumably the lighter, smaller bats of today more than make up in control and speed what they lack in mass.
[0] http://mlb.mlb.com/mlb/downloads/y2010/official_rules/2010_O...