1. Preheat oven to 250°.
2. Combine the first 3 ingredients in a saucepan. Bring to a boil; cover, reduce heat, and simmer 30 minutes. Combine peach mixture, bourbon, brown sugar, and 1/4 teaspoon salt in a food processor or blender, and process for 1 minute or until smooth. Transfer peach mixture to a 13 x 9-inch glass or ceramic baking dish. Bake at 250° for 2 hours and 15 minutes or until thickened.
3. Preheat grill to medium-high heat.
4. Sprinkle remaining 1/2 teaspoon salt and pepper evenly over chicken. Place chicken on a grill rack coated with cooking spray; grill 6 minutes on each side or until done. Serve with sauce.