Melt butter in a large skillet over medium heat; stir in orange rind. Add peaches, orange marmalade, sugar, and lemon juice, stirring well. Cook over medium heat, stirring frequently, until peaches are tender.
Place bourbon in a small saucepan; cook until thoroughly heated. (Do not boil.) Pour over peach mixture, and ignite with a long match; stir until flames die down. Serve immediately over Frozen Vanilla Custard in individual bowls.