I spread fescue grass seed on bare areas of the front yard, and then I put an approximately 1/4 inch thick layer of bagged peat moss on top to retain moisture and keep the seeds wet (I had to mix the water in, because if you ever try to water peat moss you might notice the water doesn't soak in well at first).
Anyway, my question is, will the seed grow? After I put the peat moss on I read that it is very acidic, and I guess fescue doesn't grow in acidic conditions.
Did you turn the soil in the bare spots first? Peat moss might better have been used there as it will now hog moisture as your top dressing. You should be fine though. Just be sure to keep the seed moist until it germinates.
As for Ph? You might want to get a kit from the nursery and test your soil. Minerals to correct it are inexpensive. And anything you try fertilizer wise will have less effect until you move on to correct it. The Ph in the peat moss top dressing are irrelevant. The seeds should not grow into it.