IC 1274 is a faintly luminous nebula lying on the near surface of the Lynds 227 (L227) molecular cloud. Its cavity-like morphology is reminiscent of a blistered star-forming region. Four luminous, early-type (B0-B5) stars are located within a spherical volume ~5' in diameter that appears to be clear of heavy obscuration. Approximately centered in the cleared region is the B0 V star HD 166033, which is thought to be largely responsible for the cavity's excavation. Over 80 H{alpha} emission sources brighter than V~21 have been identified in the region. More than half of these are concentrated in IC 1274 and are presumably members of a faint T Tauri star population. Chandra Advanced CCD Imaging Spectrometer imaging of a nearby suspected pulsar and time-variable {gamma}-ray source (GeV J1809-2327) detected 21 X-ray sources in the cluster vicinity, some of which are coincident with the early-type stars and H{alpha} emitters in IC 1274. Deep (V~22) optical BVRI photometry has been obtained for the cluster region. A distance of 1.82+/-0.3kpc and a mean extinction of AV~1.21+/-0.2mag follow from photometry of the early-type stars. Using pre-main-sequence evolutionary models, we derive a median age for the H{alpha} emitters and X-ray sources of ~1Myr; however, a significant dispersion is present. The displaced material was driven against what remains of the molecular cloud to the east, enabling the formation of the substantial number of T Tauri stars found there. A dispersed population of H{alpha} emitters is also found along the periphery of L227, IC 1275, and IC 4684.