For chops: Season chops with Old Bay and lemon pepper. Set aside.
For cherry BBQ sauce: In a medium saucepan, combine cherries, barbecue sauce, and preserves. Bring to a boil, then reduce heat to medium and simmer for 10 minutes. Remove from heat and let cool. Transfer to a food processor and blend until smooth. Measure out 1 cup to use as a baste. Set aside the remainder to serve with chops.
Set up grill for direct cooking over medium-high heat. Oil grates when ready to start grilling.
Grill chops for 4 to 5 minutes per side. Turn and brush with BBQ sauce and cook for 1 minute. Turn and brush with more sauce and cook about 1 minute more for medium (160°F).
Remove from heat and brush once more with BBQ sauce. Allow chops to stand for 5 to 10 minutes (internal temperature will continue to rise slightly). Serve hot with reserved BBQ sauce on the side.