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Cut an X in bottom of each peach, then blanch in batches in boiling water for 15 seconds. Transfer with a slotted spoon to an ice bath to stop cooking. Peel peaches and cut into 1-inch-thick wedges. (My note: I skipped this step. I was really short on time, and I just sliced the peaches, skin and all—the result, heavenly. I don't think the book club ladies minded at all!)
In a large bowl, toss peaches with cornstarch, flour, lemon juice, cinnamon, and salt.
Put a large foil-lined baking sheet in the lower third of oven and preheat to 425 degrees F.
In a heavy 1 1/2- to 2-quart saucepan over medium-high heat, bring 1/2 cup sugar, honey, bourbon and water to a boil, stirring until sugar has dissolved; wash down any sugar crystals from the side of the pan with a pastry brush dipped in cold water. Boil, without stirring, swirling pan occasionally so caramel colors evenly, until dark amber, about 5 minutes.
Remove from heat and add butter, swirling pan until butter is melted. Pour over fruit and toss (caramel may harden slightly but will melt in oven).
With a lightly floured rolling pin, roll out 1 piece of dough (keep remaining piece chilled) into a 13-inch round on a lightly floured surface. Fit into a 9-inch pie plate. Trim excess dough, leaving a 1/2-inch overhang. Chill shell while rolling out remaining dough.
With a lightly floured rolling pin, roll out remaining piece of dough into an 11-inch round on a lightly floured surface.
Transfer filling to pie shell, mounding it. Cover pie with pastry round. Trim with kitchen shears, leaving a 1/2-inch overhang. Press edges together, then crimp decoratively. Brush top all over with some of the milk, then sprinkle with remaining tablespoon of sugar. With a paring knife, cut 3 steam vents in top crust.
Bake pie on hot baking sheet for 20 minutes. Reduce oven temperature to 375 degrees F. Continue to bake until crust is golden brown and filling is bubbling, about 50 minutes more. Cool pie to room temperature, 3 to 4 hours.