No, it is not a substitute. Lemon peel does not provide any liquid.
Lemon peel is dehydrated lemon zest; the outer skin without the white membrane. Using lemon peel out of a bottle will save you time in cooking when the recipe calls for lemon zest.
If you really want to. i dont know how good it would taste, though
This is the zest of the lemon, dehydrated and minced. Minced lemon peel is often used in making baked goods.
lemon pith is the white lying under the rind , between the rind and the pulp