Heat oven to 350 degrees F.
Lightly coat 10 x 4-inch tube pan with nonstick cooking spray. Lightly dust the pan with flour, tapping out the excess.
Sift together the flour, baking powder and nutmeg into a large bowl.
Mix 3/4 cup of the bourbon, the milk and vanilla in small bowl.
Beat the butter in large bowl on medium speed until smooth and creamy, about 2 minutes. Beat in brown sugar until fluffy, about 2 minutes. Beat in eggs, one at a time; scrape down the side of the bowl frequently to keep the batter smooth. On low speed, beat in the flour mixture in 3 additions alternately with the bourbon mixture. Stir in the pecan pieces until evenly distributed. Pour into the prepared tube pan. Arrange the pecan halves in concentric circles over the top of the cake. Cover the pan loosely with aluminum foil.
Bake in 350 degree F oven for 1 hour 40 minutes. Remove aluminum foil. Bake for another 20 minutes or until wooden pick inserted in the crack on top of the cake comes out with moist crumbs clinging to it. Cool cake in pan on wire rack for 20 minutes. Turn cake out of pan. Place sheet of waxed paper under wire rack; place cake on rack. With long wooden pick pierce top of cake in about 12 places. Slowly pour remaining cup of bourbon over cake until all of it is absorbed. Cool completely. (Cake can be made several weeks ahead; wrap in plastic wrap, then aluminum foil; freeze. Thaw overnight in the refrigerator.) To serve, cut with serrated knife into thin slices. Makes 30 servings.