Preheat the oven to 375 degrees F. Combine the peaches, bourbon, 1/4 cup sugar, the cornstarch and cinnamon in a large bowl and toss to coat.
Sift the flour, the remaining 1/2 cup sugar, the baking powder and salt into a bowl. Cut 1 1/2 sticks of the butter into small pieces; add to the flour mixture and cut it in with a pastry blender or your hands until the mixture looks like coarse crumbs. Pour in the cream and mix just until the dough comes together. Don't overwork; the dough should be slightly sticky but manageable.
Melt the remaining 1/2 stick butter in a10-inch cast-iron skillet over medium-low heat. Add the peach mixture and cook gently until heated through, about 5 minutes. Transfer the mixture to a 2-quart baking dish (or leave in the skillet). Drop the dough by tablespoonfuls over the warm peaches. (There can be gaps because the dough will puff up and spread as it bakes.) Brush the top with some heavy cream and sprinkle with sugar and a little extra cinnamon.
Bake in the oven on a baking sheet (to catch any drips) until the cobbler is browned and the fruit is bubbling, 40 to 45 minutes. Serve warm with the ice cream.
Photographs by James Baigrie
Courtesy of Tyler Florence for Food Network Magazine