In small bowl, beat butter, almond paste and egg with electric hand mixer until mixture is smooth. Beat in nutmeg and flour.
On work surface, unroll dough sheet; press into 14x8-inch rectangle. Spread butter mixture over dough, leaving 1/2 inch of 1 short end uncovered. Sprinkle cherries, baking chips, 2 teaspoons of the orange peel and 1/4 cup almonds over butter mixture to edges of dough; press in lightly.
Starting at short end covered with butter mixture, roll up dough. Pinch and press uncovered end into roll to seal. Reshape roll with hands. Wrap roll in waxed paper; refrigerate 30 minutes.
Heat oven to 375°F. Lightly spray cookie sheet with Crisco® Original No-Stick Cooking Spray, or line with cooking parchment paper. Using serrated knife, cut roll into 8 slices; place cut sides up and 3 inches apart on cookie sheet. Bake 13 to 17 minutes or until golden brown.
Meanwhile, in small bowl, mix powdered sugar, cream and almond extract with spoon until smooth; spoon and spread over hot rolls on cookie sheet. Sprinkle with remaining 1 tablespoon almonds and 1 teaspoon orange peel. Remove from cookie sheet to cooling rack. Serve warm or cool.