Pat,
I would add a bit to your reply. Because peaches are
self-pollinating,
the chances of introducing an unknown strain are much less than say an
apple tree, which usually requires another tree to do the job.
One dissadvantage of growing such a seedling is you don't have any
control on the size of the resulting tree. For peaches, you will get a
full size tree, unless the seed comes from one of these mutant miniature
peach trees. By using a dwarfing rootstock and grafting the peach scion
on to it, you will get a reduced sized tree (usually equivalent to a
semi-dwarf for peaches).

Sherwin Dubren
MidFEx (Midwest Fruit Explorers)