Step 1: Preheat your oven to 350°F (175°C). Grease a standard loaf pan.
Step 2: In a large bowl, combine the all-purpose flour, 1/2 cup granulated sugar, baking powder, and salt. Mix well.
Step 3: In a separate bowl, whisk together the softened butter, eggs, milk, and 1 teaspoon of vanilla extract until smooth.
Step 4: Pour the wet ingredients into the dry ingredients. Mix until just combined, being careful not to overmix.
Step 5: Transfer the batter into the prepared loaf pan and bake for 45-50 minutes, or until a toothpick inserted into the center comes out clean. Let the cake cool completely on a wire rack.
Step 6: While the cake cools, prepare the peach cobbler. In a saucepan, combine the sliced peaches, 1/2 cup granulated sugar, lemon juice, 1 teaspoon of vanilla extract, and cornstarch.
Step 7: Cook over medium heat, stirring occasionally, until the peaches are tender and the mixture has thickened. Remove from heat and let cool to room temperature.
Step 8: Once the pound cake is cooled, slice it and top generously with the peach cobbler filling.
Step 9: Garnish with chopped nuts, granola, fresh peach slices, and whipped cream if desired. Serve immediately.