Makes: 8 servings at 72¢ each. Prep: 45 minutes. Bake: at 400° for 10 minutes, then at 350° for 65 minutes.
If using a ready-to-roll crust, fit into the bottom and up sides of a 9-inch glass pie plate. Flute the edge decoratively. If making crust from scratch (see recipe below, roll pastry into 12-inch circle; fit into bottom and up sides of pie plate. Trim overhang; flute edge. Sprinkle chopped pecans evenly over the crust.
Bring large pot of water to a boil. Drop in the peaches; boil until the skins peel off easily, about 2 minutes. Using a slotted spoon, quickly transfer the peaches to a bowl of cold water; let cool slightly. Remove the peaches from the water; peel off the skins and discard. Halve peaches; remove pits. Quarter each half in wedges.
Place oven rack in lowest position. Heat oven to 400°.
In a medium-size bowl, toss together the peach slices, granulated sugar, cornstarch and allspice until well blended. Spoon the peach mixture into the pie shell, spreading evenly and mounding slightly.
In a medium-size bowl, mix together the flour, light-brown sugar and cinnamon until well blended. Work in the butter with your fingertips until medium-size crumbs form and the dry ingredients are evenly moistened (see photo 1, at right). Lightly toss in pecans until well distributed (photo 2). Sprinkle and mound the streusel over the top of the peach mixture (photo 3).
Bake the pie on the lowest rack in 400° oven for 10 minutes. Reduce the oven temperature to 350°. Bake for another 65 minutes or until the filling is bubbling around edge and the piecrust and streusel are browned. Transfer pie to wire rack; let cool until you can comfortably hold bottom of pie plate, about 1 hour.
Slice the pie and serve with whipped cream, ice cream or whipped topping, if desired.Homemade Pastry: In bowl, mix 1 1/4 cups flour and 1/2 teaspoon salt. Cut in 1 stick cold butter with pastry blender. Slowly add 3 to 4 tablespoons cold water to flour, tossing with a fork to combine. Shape dough into ball and press into a disk. Wrap and chill 30 minutes. On a lightly floured surface, roll chilled dough into a 12-inch round.