In a small saucepan, combine port, 2 tbsp. sugar and lemon juice. Bring to a boil and cook until syrupy, about 7 minutes. Let stand until cool.
In a small bowl, thoroughly blend the Etorki and cream.
Holding 2 skewers parallel about 3/4" apart, skewer 2 peach halves; repeat with remaining skewers and peaches. Brush both sides with butter, then sprinkle with remaining sugar and pepper.
Heat grill to medium and oil grill grate. Grill peaches cut side down 4-5 minutes. Remove from grill; turn and mound Etorki mixture onto cut sides. Grill covered, an additional 4-5 minutes or until cheese is melted.
Remove to serving plates and top with ham and a drizzle of port syrup; garnish with arugula and shavings of Etorki, if desired.