Remove giblets, neck, and gravy packet from turkey; reserve for another use, if desired. Rinse turkey with cold water; pat dry. Cut turkey along both sides of backbone, separating backbone from the turkey. Remove and discard backbone. Clip off wing tips. Using your hands, press down center along breast until flattened. Rub evenly with oil, and sprinkle with salt and pepper. Wrap or cover turkey, breast side up, with bacon.
Combine red pepper jelly and peach preserves in a small bowl.
Coat cold cooking grate with vegetable cooking spray, and place on grill over a drip pan. Light one side of grill, heating to high heat (400° to 500°). Place turkey, breast side up, over unlit side of grill, and grill 1 1/2 hours. Rotate turkey 180°, turning side closest to heat source away from heat source, and grill 1 1/2 hours or until a meat thermometer inserted into thickest portion registers 170°, basting with jelly mixture during last 45 minutes of cooking. Remove from grill, and let stand 10 minutes.
James's tip: Thaw turkey in the refrigerator for 2 to 3 days. Let stand at room temperature for 30 to 45 minutes before grilling to ensure even cooking. Meat and poultry thawed slowly in a refrigerator retain more moisture when cooked.