The "Peach" brand will not be used in Atlanta for the foreseeable future. A station in Macon, GA called Peach 102.5 has already taken up the slogan. It doesn't mean, however, that Atlanta can't accomodate an AC station. A possibility is to have it called "94.9 The Breeze" where the station plays the greatest AC hits from the best of the 60's music through today with one or two current or newest songs per hour to attact some of the younger listeners. It could also be called Atlanta's stress free, feel good, or relaxing station. The connotation of the word "breeze" could make that work. You can add in extras like the Sounds of Faith every Sunday morning, and something unique during the weekends like Casey Casem's America's Top 10 or John Tesh.
Peach 102.5 is also owned by CC. 94.9 can get it back anytime they want.
I like the "Breeze" concept you mention, although it basically sounds like a lighter version of B98.5 than a traditional AC. Not sure if CC would want to attempt so much overlap with B98.5.