In a large saucepan, add peaches, 1 stick of butter, 1 cup of sugar, cinnamon, and nutmeg and bring to a simmer. Add bread crumbs and stir. Using a sprinkle of flour, roll out both pie crusts; 1 will be used for the top of the cobbler and 1 for the bottom.
Spray a 10-inch square pan with canola oil and place 1 layer of dough into the baking dish. Place a few chips of butter, as well as a dusting of the remaining sugar, on the bottom crust. Pour the peach mixture into the baking dish. Cut the top layer of dough into strips and arrange them on the top of the peaches in a lattice pattern. Top with 3 or 4 chips of butter and bake for 25 to 30 minutes or until the crust is brown and the peaches are bubbling. Serve warm with vanilla ice cream.