RosieRad:
Cracker barrel does sell a paddle ball set now, but I don't think it's the "right" one:http://shop.crackerbarrel.com/toys-games/toys/novelty-toys/wood-paddle-ball-set/5 2677 1
No, it's not the same as the original, though of course it might well be just as effective.
I've always wondered just how many of those paddles were used for their ostensible purpose and how many to achieve (as Jenny so aptly suggests) 'red bouncy bottoms'. Personally I've never seen a single one with the ball and elastic still attached - though that might just reflect the depraved circles I move in...