Liz, here is one peony walk for your inspiration (scroll down a bit):
http://peonysenvy.com/peonycar...
My five cents, if you have enough space, go for both.
I always wanted a TP walk, but my place is so small, than I cannot have it. Since I am into TPs, I noticed that there are several styles of peony gardens; Japanese, Chinese... Americans have their preferences too. They even prune them differently.
