In medium bowl, combine 1/2 cup of the powdered sugar and marshmallow creme; blend thoroughly. On surface sprinkled with powdered sugar, knead in remaining 2 cups powdered sugar. Shape mixture into 7 1/2-inch square. Cover with plastic wrap. Set aside.
Heat oven to 350°F. Line 8-inch square pan with foil. Grease or spray foil with nonstick cooking spray. In small bowl, combine crust ingredients. Press in bottom of lined pan. Bake at 350°F. for 10 minutes or until puffy. Uncover marshmallow square; immediately place over hot crust.
Melt caramels and milk in medium saucepan over low heat, stirring requently until smooth. Pour over marshmallow layer. Immediately sprinkle with 1 cup peanuts. Drizzle melted chocolate chips over peanuts. Cool completely. Cut into bars.*