Wow, 55 years of searching!
I checked the Ancestry.com info--all I saw for Peter was from the Jackson Family Tree---is that the source you site?
If so, I think that the Currituck county connections may be in error-----the Jackson info it lists both Peter and Thomas born and died the same years (causing me to believe that somehow the 2 became "overlapped" in this research -- my Thomas E. died in 1856)
The documentation sited in the Jackson info on Ancestry for Peter's 1850 "Residence" source is the 1850 Federal Census for Tull's Creek in Currituck, which doesn't list a Peter Baxter at all---only Thomas E.(who is 45 years old) and Thomas F. (who is 28 years old) and their families. Thomas E. is married to "Love" in this census--- one of the wives listed for Peter in the Jackson info is "Lovey Bray". Thomas was also married to a "Lovey Bray" according to my sources.
Also, Peter is listed in the Jackson info as having other 2 wives named "Elizabeth" born 15 years or so apart, but having the same children born the same years to both of them.
This is all very confusing, of course, but my hunch says that Peter was not in Currituck in 1850. I think the Jackson info on ancestry.com has mixed up Peter and Thomas.
Please let me know if you have additional info or questions.