In a saucepan over medium heat, combine butter, milk, granulated sugar, brown sugar and graham crackers. Bring to a boil and stir continuously for 5 minutes; do not allow mixture to burn. Remove from heat.
Layer the bottom of a 9- by 13-inch pan with Club Crackers. Pour half of hot mixture over Club Crackers. Add a second layer of Club Crackers over mixture. Pour remaining half of hot mixture over the second layer of Club Crackers. Add a third layer of Club Crackers. Refrigerate until set.
When bars are set, combine chocolate chips, butterscotch chips and peanut butter in a microwave-safe bowl. Cook mixture, stirring occasionally, until fully melted and stir until smooth. Pour melted topping over top layer of Club Crackers and spread evenly across bars.
Sprinkle with chopped peanuts or decorative sugars, if desired. Allow topping to cool. Cut into squares and serve.