I'm in the same boat as you, buckhunter. I've got a new string on the way from Trophybound Strings (
www.trophybound.com) -- some of the best strings I've seen out there for the price. I've heard Gibblet, who responded above, makes some excellent strings, too.
In the meantime, as a quick fix, what I've been doing to limp along for a while is after I've nocked the arrow, I turn my peep with my fingers to align it the way I want it to. I wish it would stay that way, but my string's too far gone... so every time I nock an arrow, I turn it so that two strands are in line with each other on the right side, leaving the third one exactly opposite on the left.
Once I get a quality string that won't stretch (Trophy Bound's are pre-stretched to 800 lbs., and served at 300 lbs.) I'm going to a Fletcher peep that just sits in between two strands of evenly split string.