1. Heat oven to 425 degrees F. Grease a 13x9-inch glass or ceramic baking dish; set aside.
2. Combine peaches, cherries, the 3/4 cup sugar, and cornstarch in large saucepan. Bring to boil, stirring gently, over high heat; boil 1 minute. Remove from heat; stir in lemon juice. Spoon into prepared pan.
3. Combine flour, 1/3 cup of the sugar, the baking powder, and salt in large bowl. With pastry blender or 2 knives, cut in butter until mixture resembles coarse crumbs. Stir in 3/4 cup of the cream. Knead 2 or 3 times, just until dough holds together. On floured surface with floured rolling pin, roll dough 1/2 inch thick. Cut with 2-1/2- or 3-inch decorative cookie cutters, re-rolling scraps. Place biscuits over fruit.
4. Combine the remaining 2 tablespoons each sugar and cream and the cinnamon in cup; brush over biscuits. Bake 20 minutes, until fruit is bubbly. Let stand 10 minutes. Serve with vanilla ice cream, if desired.