Traditionally, the Sazerac is considered to be the official drink of New Orleans, whose history can be traced way back to the beginning of the 19th Century. Because of the French influence, the drink's basis has been considered cognac (or brandy), though variations of it can be made with rye or bourbon with no proprietary fuss. The primary spin of the Sazerac, however, is the absinthe, which, despite the very small amount used, is still the signature flavoring agent.
In the traditional Sazerac, you merely swirl the inside of an old-fashioned glass (a squat tumbler with a wider-than-normal diameter), dispose of the excess, and build the drink inside this coated container. For those who don't like the basic licorice flavor, this may be as much as they stand. For those who enjoy it, that little a portion may seem stingy. Back before the recent absinthe revolution, people used Pernod or Herbsaint liqueurs instead of true absinthe, which was banned in the U.S. for many years due to the presence of wormwood, which is the "active" ingredient that produced the symptoms which originally got it into trouble here. In Europe, people still like some Pernod cut with tap-water, producing a milky pale yellow drink that's just about pure licorice-tasting. When I was a kid, we used to chew twisted black and red rubbery ropes of commercially marketed licorice candy--I could stand the red, but the black was so sour and "burnt" tasting, I couldn't eat the stuff. Licorice is used in a number of various common proprietary liqueur mixes (Galliano, for instance).
In any event, what I've done here is substitute a good blended (and aged) scotch for the goods, and treated the result as a variation on a classic recipe. The classic Sazerac recipe is for some simple syrup, dashes of Peychaud bitters, and a lemon peel, with the absinthe swirl preceding. My recipe substitutes blended scotch for the rye or brandy, Grenadine for the Peychaud's, and adds Drambuie and some fresh lemon juice. Perhaps it doesn't deserve to be compared to the classic New Orleans mixture, but it's close enough in my mind to bear a taste similarity.
4 Parts Chivas Regal 12 yr aged blended scotch
1 Part Dambuie
1 Part Fresh Lemon Juice
1/3 part St. George Absinthe Verte
1 Teaspoon Rose Grenadine
(makes two servings)