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Cook bacon in a Dutch oven over medium-high, stirring occasionally, until starting to crisp, about 10 minutes. Add celery, onion, bell pepper, garlic, thyme, black pepper, cayenne, and 1 teaspoon of the salt. Cook, stirring occasionally, until onion is tender, about 8 minutes. Add broth and black-eyed peas and bring to a boil over medium-high. Reduce heat to medium-low, and simmer until peas are tender, about 40 minutes. Drain pea mixture, reserving cooking liquid. Return pea mixture and 1 cup of the cooking liquid to Dutch oven. Cover to keep warm; set aside.
Heat oil in a medium saucepan over medium-high. Add rice and cook, stirring often, until fragrant and lightly toasted, 3 to 4 minutes. Stir in 3 cups of the reserved cooking liquid and remaining 1⁄2 teaspoon salt. Bring to a boil, and reduce heat to medium-low; cover and cook until rice is tender, 15 to 18 minutes. Fluff rice with a fork, and gently stir into pea mixture in Dutch oven. Stir in remaining cooking liquid, 1⁄4 cup at a time, until desired consistency is reached. Sprinkle servings with sliced fresh scallions.