Dissolve yeast in warm water in a large bowl, let stand 5 minutes.
Add biscuit mix, egg, and 1 tablespoon sugar, stir well.
Turn dough out onto a floured surface; knead until smooth (about 1 minute).
Place dough on a large greased cookie sheet, roll into a 14- x 9-inch rectangle.
Combine cream cheese, 1/2 cup sugar, and lemon juice, beat at medium speed of electric mixer until smooth.
Spread mixture down center of dough.
Make 3-inch cuts toward center at 1-inch intervals on both long sides of dough.
Fold strips to center, alternating and overlapping ends; cover and let rise in a warm place (85°), free from drafts, 1 hour or until doubled in bulk.
Bake at 350° for 20 minutes.
Spoon preserves down center of braid, bake an additional 5 minutes.
Cool 10 minutes before serving (may also be served at room temperature).