1. Hull berries; rinse and drain. Set aside 4 cups of the prettiest berries to drain dry on towels.
2. Beat cream cheese with 1/4 cup sugar, milk, and vanilla until smooth. Spread cheese mixture evenly over bottom of pastry shell.
3. In a blender or food processor, smoothly purée remaining berries with 1/2 cup water.
4. In a 1- to 2-quart pan, mix cornstarch and remaining 3/4 cup sugar. Add berry purée and stir over high heat until mixture boils and thickens, about 4 minutes. Remove from heat and stir in lemon juice.
5. Peel and thinly slice peach, arranging slices on cheese filling. Set whole strawberries, tips up, on peaches. Spoon hot berry glaze over fruit to cover completely.
6. Chill pie until glaze is cool and set, at least 1 hour. If making ahead, cover when cold and chill up to 1 day. Cut into wedges.