To a small saucepan over medium heat, add 1/4 cup peanut butter and honey. Stir until peanut butter is melted.
Cover the bottom of the baked pie crust with peanut butter mixture. Set aside to cool.
Add heavy whipping cream to a large mixing bowl. Whip until stiff peaks form. Add 1/2 cup powdered sugar and vanilla extract. Whip only sugar and vanilla extract are incorporated into whipped cream and stiff peaks return.
In another bowl, mix together softened cream cheese, 1 cup peanut butter, half and half and remaining 1/4 cup powdered sugar with an electric mixer.
Stir in roughly 1/3 cup of whipped cream in the peanut butter mixture to soften. Fold in 1/2 to 2/3 of remaining whipped cream until white streaks disappear. Reserve some of the whipped cream for topping.
Fill pie shell with mixture. Top with remaining whipped cream.
Place in refrigerator for at least two hours before serving.
Garnish with peanuts before serving.