In a small bowl, beat eggs and 4 tablespoons peach preserves with a fork or whisk to blend. Wisk in milk. Place a single layer of bread slices in an 11" x 7" baking dish. Pour egg mixture over bread (make sure it gets underneath the bread, too). Cover and refrigerate a few hours or overnight until most of the liquid is absorbed. Lightly butter or spray a griddle. Fry bread slices until nicely browned on both sides. Spread remaining 1/2 cup of peach preserves on top of toasted french bread. Top with sliced peaches. Sprinkle with sliced almonds and powdered sugar. Optional: Top with a dollap of peach yogurt.