Preheat oven to 375 degrees F. Grease a large baking sheet; set aside. In a large bowl stir together flour, baking powder, salt, and the 1/3 cup granulated sugar; gently stir in blueberries. Add cream, stirring with a fork just until moistened.
Turn out onto prepared baking sheet. Pat dough into a 6-inch circle. Brush top and side with melted butter; sprinkle top with the 2 tablespoons granulated sugar. Bake for 35 to 40 minutes or until golden and a toothpick inserted in center comes out clean. Cool on baking sheet for 5 minutes. Transfer to a wire rack; cool completely.
For peach compote, peel peaches and slice. In a large nonstick skillet melt the 3 tablespoons butter over medium-high heat. Stir in brown sugar; cook about 2 minutes or until brown sugar starts to melt. Add peach; cook for 3 to 4 minutes or until peach is heated through, stirring occasionally.
Beat 1/2 cup whipping cream until soft peaks form (tips curl). To assemble, split shortcake in half. Place bottom of shortcake on a serving plate. Spoon peach compote onto bottom half and top with whipped cream. Replace top half of shortcake. If desired, serve with additional whipped cream and garnish with fresh thyme sprigs.