In a large bowl, combine 2 cups of the flour and the yeast. In a medium saucepan, heat and stir 1 cup milk, the water, the 1/4 cup butter, the 3 tablespoons granulated sugar, and the salt just until warm (120°F to 130°F) and butter almost melts. Add milk mixture to flour mixture along with egg product, lemon peel, and orange peel. Beat with an electric mixer on low to medium speed for 30 seconds, scraping bowl constantly. Beat on high speed for 3 minutes. Using a spoon, stir in 1 cup of the sliced almonds and as much of the remaining flour as you can.