Bring 3 cups water to a boil. Remove from the heat, add 8 Earl Grey tea bags and steep 6 minutes. Remove the tea bags and gently squeeze out the liquid; pour the tea into a pitcher. Stir in 2 cups each cold water and peach nectar, 1 cup bourbon, 1/4 cup peach schnapps, 2 tablespoons each sugar and lemon juice and 1 sliced peach. Chill. Serve over ice.