bfoley,
Yes, the peeling actually is the erosion stage. Use caution that you don't rub the skin or force peel it off as it can and will get extremely sore. You can also end up removing too much, too soon making it more prone to cracking/splitting/bleeding. Ever had chapped lips that split? Imagine other areas of your face with that same sensation. Ouch. The more cracking and rawness you create, the more open you are to bacterial infections.
My advice: Don't rub, don't pick, don't scratch.