Christine, my next experience with peach bitters will be my first so I can't offer any advice or recipes based on anything other than "research", which is to say, hanging out at eGullet.com's
Fine Spirits and Coctails page and
DrinkBoy and perusing my ridiculously large collection of cocktail books. There are a few recipes I've seen that added to my interest in peach bitters (follow the link to eGullet in my post above for some of those) but mostly I'm going to do what I do with my other bottles of bitters: experiment.
As you may know there used to be a tremendous variety of cocktail bitters to choose from. As far as I know the only remaining bitters available in the US are Angostura, Peychaud's, the just-released Regan's Orange Bitters #6, and the four available from Fee Bros.: old fashioned, orange, peach and mint. Some are tied to certain drinks like Angostura and Manhattans and Peychaud's and Sazeracs but that doesn't mean you can't substitute one for another.
Take the Old Fashioned, for example. There are two remaining styles of Old Fashioned, the simple and the fruit salad. I prefer the simple: sugar, Angostura, splash of water to help muddle the sugar and bitters, whiskey and a nice slice of lemon peel. I don't mind the fruit salad style: sugar, Angostura, 1/2 or full orange wheel (muddled with the sugar and bitters), whiskey and another orange wheel and a cherry to garnish. Sometimes, though, I'll make a simple OF but add orange bitters and dash of Maraschino liqueur too. It's more like the fruit salad style but without all the pulp mucking up the drink. Peychaud's also goes very well with whiskey so one could substitute that for the Angostura or do whatever else comes to one's mind while mixing up a drink...
Well, enough of that.
I haven't picked up my bottle at Sam's yet but I assume it's the 4 oz bottle and will cost around 4 bucks. Sam's also has Peychaud's and the Fee Bros.' Old Fashioned and Orange bitters. I recommend all three.
Kurt