Preheat oven to 350 degrees F. Coat a 9-inch springform pan with cooking spray. In the bowl of a food processor, add the graham crackers, 1/3 cup sugar and butter. Process until crumbs form and butter is combined. Press crumbs onto the bottom of springform pan.
In a large bowl, mix together the cream cheese and 1 ½ cups sugar with a hand-held mixer until smooth. Blend in milk. Add eggs, one at a time, just until combined. Add the sour cream, vanilla and flour and mix until smooth. Add the blueberries and carefully mix in with a spoon until combined. Pour the filling into the prepared crust.
Bake in the preheated oven for 1 hour and 10 minutes. Turn the oven off and allow cheesecake to cool while in the oven to prevent cracking. Chill the cheesecake in the refrigerator for one hour.
Top cheesecake with the peaches. In a small bowl, warm the peach preserves in the microwave for 30 seconds. Brush the warmed preserves over the peaches. Chill in the refrigerator until ready to serve.