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Heat butter and 3 tablespoons oil in a Dutch oven over medium. Add onion; cook, stirring occasionally, until softened, about 5 minutes.
Add bell peppers, garlic, and ½ teaspoon salt; cover and cook, stirring often, until peppers are softened and beginning to brown, 15 to 18 minutes.
Add tomatoes to bell pepper mixture; cook, uncovered, stirring often, until tomatoes begin to break down and peppers are jammy, 10 to 15 minutes.
Remove from heat; stir in vinegar, sugar, oregano, crushed red pepper, 1 tablespoon olive oil, and remaining 1 teaspoon salt. Set aside.
Meanwhile, preheat oven to 450°F. Place baguette slices on a large baking sheet, and drizzle with 3 tablespoons oil. Sprinkle evenly with black pepper. Bake until golden brown and toasted, about 10 minutes. Remove from oven and let cool completely, about 10 minutes.
Process feta and cream cheese in a food processor until fluffy and completely smooth, 1 to 2 minutes. With processor running, pour remaining 1 tablespoon olive oil through food chute, and process until well combined.
Spread about 1 tablespoon whipped feta over each baguette slice, and top with about 1 tablespoon peperonata agrodolce. Reserve remaining peperonata agrodolce for another use. Garnish toasts with basil, if desired.