Kevin:

Cut the low branch so as to leave the collar area if it has one near the base.

Then cut the central leader back to leave 3-4 main scaffolds that will form the vase shape. It's a little hard to get depth on the photo. But I'd be taking off the top and those three shoots right and 4 left. Now if you want a taller tree you could cut off the lower branches and make the same shape tree out of those 7 higher shoots.

I'd also cut about a third off the ends of the main scaffolds. This is to increase branching and to stiffen the scaffolds so they'll hold up fruit next year.

That would be my approach. Harvestman can now tell you the right way ;-)

Thanks! I appreciate the response and the help!

I agree with F...cutting the right low branch back right next to the main leader (never leaving "stumps" to die back and rot). That branch must go now. Peach bear/flower on last years growth. It is hard to get a read on the actual size of this tree because there is nothing to relate to in the photo. I tend to try and at least taste a fruit asap...which means allowing one or two to develop. It may slow down the trees growth a bit...but it is not a huge deal. Doing the thinning cuts up higher is a good idea too (as F said) but not a must like the right low branch.

It was difficult for me, but the lower right branch is now gone. I'm not used to pruning fruit trees, so I kinda felt like I was doing something bad, even though I know it wasn't. I was actually quite sure it had to go, but wanted to hear from someone with experience before I did it. Thanks!

My take on the high low choise from fruitnut is this. Do you want to stand on the mower seat to pick a peach, or stop the mower to go back and pick up your hat when you get close to the tree.