In medium bowl, mix 1 cup flour and the salt. Cut in shortening, using pastry blender (or pulling 2 table knives through ingredients in opposite directions), until particles are size of small peas. Sprinkle with cold water, 1 tablespoon at a time, tossing with fork until all flour is moistened and pastry almost cleans side of bowl(1 to 2 teaspoons more water can be added if necessary).
Gather pastry into a ball. On lightly floured surface, shape pastry into flattened disk. Wrap in plastic wrap; refrigerate about 45 minutes or until dough is firm and cold, yet pliable. (If refrigerated longer, let dough soften slightly before rolling).
Heat oven to 425°F
On lightly floured surface, roll pastry with floured rolling pin into round 2 inches larger than upside down 9 inch glass pie plate. Fold pastry into quarters, place in pie plate. unfold and ease into plate, pressing firmly against bottom and side. Trim over hanging edge of pastry to one inch from rim of plate. Fold and roll pastry under, even with plate; press edge with tines of fork or flute if desired.
Place peaches in pastry lined plate. Mix granulated sugar and 1/2 teaspoon nutmeg; sprinkle over peaches. In small bowl, beat whipping cream and egg with fork or wire whisk until blended; pour over peaches. In another small bowl, mix topping ingredients with fork until crumbly; sprinkle over peaches.
Cover edge of pastry with 2 to 3 inch wide strip of foil to prevent excessive browning; remove foil for last 15 minutes of baking. Bake 35 to 40 minutes or until top is golden brown. Cool 30 minutes. Serve warm.