Holy cow! What is it?! Well, it's actually just a differently-colored Galactic Cruiser. As you can tell, it is a dark blue and silverish color. The other apparent difference is that this exclusive came with a wind-up motor assembly; the original Galactic Cruiser did not. This picture is from the 1980 Ward's catalog. More info forthcoming.
01/03/97 Update! This Ward's exclusive toy, aptly and generically named Space Vehicle, was released in 1980 and seems to have been a Canadian only toy.