Combine flour, baking powder and salt in medium bowl; cut in 1/4 cup butter and shortening with pastry blender until mixture is crumbly. Sprinkle milk evenly over surface; stir with fork just until dry ingredients are moistened. Shape into ball; cover and chill 30 minutes.
Preheat oven to 375°F. Roll pastry ball to 1/8-inch thickness on lightly floured surface; fit into 9-inch tart pan.
Process 3/4 cup almonds in food processor until finely ground. Add 1/4 cup of the sugar, almond paste, egg and 2 tablespoons of the melted butter; process until blended. Spread mixture over pastry.
Stir together peaches and remaining 1/4 cup sugar; sprinkle with 3 tablespoons sliced almonds and drizzle with remaining 1 tablespoon melted butter. Arrange over nut mixture and brush with preserves. Bake 35 to 40 minutes or until golden, placing aluminum foil strips around edge of crust during last 10 minutes.
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