How is freshly ground mace used to best advantage in Indian cooking?

Mace is an important ingredient in jalfrezi curries - yum. You can also substitute it for nutmeg in baked goods, since they are two different parts of the same plant.

I usually add mace to Garam masala & use it for most north Indian dishes.

PEACH COBBLER
1 cup sliced peaches
1 cup sugar
1/2tsp . ground mace
1 cup . flour
1 tsp. baking powder
3/4 c. milk
2 lg. eggs, slightly beaten
5 tbsp. butter
Heat oven to 375 degrees.
In medium bowl toss peach slices, ½ cup sugar and mace to mix well; set aside.
In second bowl combine flour, remaining 1/2 cup sugar and baking powder; stir in milk and eggs until just blended.
Place butter baking pan; set pan in oven until butter is melted and hot.
Remove pan from; oven immediately pour batter over butter. Spoon peach mixture evenly over batter
bake 40 to 45 minutes until puffed and brown.

I don't use it much. Nutmeg can sub--it's related.

However, for really good Indian (Asian) cooking. Get a Indian Spice Box. And mortar and pestle. The spice box is metal and round, with little bowls you fill with your primary spices...like the face of a clock..with the center bowl as the mixing.

You choose the amounts and make a seasonal, or spur of the moment mix...adding spices to the center bowl. Toasting and grind them..and return to the center bowl to use for the week. Avoid the ones with the glass lids and get the light-tight stainless steel.
http://www.google.com/images?hl=en&safe=off&q=Dabba+masala&bav=on.2,or.&um=1&ie=UTF-8&source=og&sa=N&tab=wi&biw=1263&bih=796

Learning how to use that for seasonal dishes is very nice. Because it's all about improvisation with the season, the ingredients and your personal tastes.

Lucky you! Savitha's suggestion sounds wonderful.

I've not used mace too much, but this "cake" is one of my husband's favorites: http://saffrontrail.blogspot.com/2007/08/healthy-cake-in-15-minutes.html

Bananas, jaggery, coconut milk, and semolina flour, it is very unusual, not too sweet, and a bit of mace might go very nicely with it. good luck!