Preheat oven to 350 degrees F (175 degrees C). Grease sides and bottom of a 10 inch deep-dish pie pan.
In a medium mixing bowl, mix together flour, salt, baking powder and pudding mix. Mix in butter, egg and milk. Beat for 2 minutes. Pour mixture into pie pan. Arrange the peach slices on top of the pudding mixture.
In a small mixing bowl, beat cream cheese until fluffy. Add 1/2 cup sugar and 3 tablespoons reserved peach syrup. Beat for 2 minutes. Spoon mixture over peaches to within 1 inch of pan edge. Mix together 1 tablespoon sugar and 1 teaspoon cinnamon, and sprinkle over top.
Bake in preheated oven for 30 to 35 minutes, until golden brown. Chill before serving.