I have no sense how much juice you might get from 1 lb of peaches (or a gallon -andt volume is not a good way to measure solids - but if you treat the fruit like a wine maker would treat grapes - crush them to allow the yeast access to the fruit beneath the peel, add pectic enzyme and perhaps some K-meta to inhibit indigenous fermentation you will encourage the fruit to expel its juice. You would pitch the yeast hours after adding the pectic enzyme to a) break down pectins to reduce haze at bottling AND b) to help with juice extraction) Pressing fruit is typically done AFTER active fermentation has ceased. And that juice will have been fermented in the fruit.
With small amounts of fruit ( say, 60 lbs or less) you can press by hand. Remember, pressing is done after fermentation so the fruit is already mushy because of the enzymes you added, and the enzymes the yeast provide to help them get at the sugars. Simply pour the wine and fruit through nylon straining bags (paint shops sell these for a few dollars or you could use real cheese cloth (NOT the cheese cloth sold in supermarkets) and then squeeze the fruit to extract the juice.
If you squeeze by hand you might (might) be able to create a lighter wine from second runnings although you would certainly need to add sugar and water and use the pulp as your source of flavor. Methinks, however, that peaches are flavor thin at the very best of times (flavor thin , not sweetness thin* as far as fruit go) and so second runnings may not result in a flavor rich wine.
* As I wrote previously I suspect that peaches will have an SG of about 1.045 -1.050 which I view as standard for country fruits. Wine grapes are typically at 1.090 - 1.100 but then they are cultivated for their fermentables and not for eating as a table fruit (table grapes are around 1.045)