If you are referring to those bloody awful cards from the early 80s, then they do grade them. Check out the Nolan Ryan Master set and you will see a good 100+ that have been graded and added to that set.
Collecting Nolan Ryan Master, 1968 Basic, and WHA, as well as unused and authentic tickets from 60s-70s rock concerts.
PSA did grade them at one point during their infancy (more than a decade ago now), but they soon became uncomfortable grading them because of the number of counterfeits and reproductions years later from the original plates. By all accounts though, the problem was blown way out of proportion. The sets reproduced years after their original release were few, and the counterfeits should be fairly easy for an expert to spot.
SCD (Sports Collectots Digest) graded Star cards until their graded card business went under, and GAI is currently grading them.
Here's an example of a Ewing Star rookie that PSA graded:
"My father would womanize, he would drink. He would make outrageous claims like he invented the question mark. Sometimes he would accuse chestnuts of being lazy. The sort of general malaise that only the genius possess and the insane lament. Our childhood was typical. Summers in Rangoon, luge lessons. In the spring we'd make meat helmets. When we were insolent we were placed in a burlap bag and beaten with reeds - pretty standard really."
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That is if you meant basketball.
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SCD (Sports Collectots Digest) graded Star cards until their graded card business went under, and GAI is currently grading them.
Here's an example of a Ewing Star rookie that PSA graded: