Prepare the baked pie crust.  Set aside to cool.

For the custard, mix the milk, sugar, cornstarch and egg in a medium saucepan.  Whisk until well blended.  Cook over medium heat until custard thickens and comes to a boil.  Boil one minute stirring constantly.  Remove from heat and add vanilla and butter.  Stir until blended.  Immediately pour custard into the baked pie shell and cover with plastic wrap.  Lay the plastic wrap directly on top of the custard to seal and prevent a film from forming.  Refrigerate until chilled, at least three hours.

Peel and slice the fresh peaches.  Stir in sugar and cinnamon until blended.  Set aside for 10 minutes.  In a large skillet over medium heat, melt butter.  Pour the peaches into the butter and cook, stirring constantly until the peaches are soft.  In a separate small bowl, combine the water and cornstarch.  Whisk until blended.  Bring the peaches to a boil and add the cornstarch mixture slowly.  Cook and stir until thickened.  Remove from heat and allow mixture to cool for 10 minutes.  Using a slotted spoon gently layer peach mixture on top of the custard spreading evenly.  Refrigerate for one hour.

In a small cup mix the powdered gelatin with the water.  Let mixture stand for ten minutes.  Melt gelatin mixture in the microwave for 10 seconds and let cool for five minutes.  In a small mixing bowl add the heavy whipping cream, powdered sugar and vanilla.  Beat on medium-high speed until cream starts to thicken.  Slowly pour the gelatin into the whipped cream and beat until medium peaks form.  Spread on top of the peach layer and chill for at least one hour.