65g Whole Nutmeg (with Hole drilled 1/2 way through)
7ml 1:1 Turmeric Extract
8ml 1:5 Wormwood Extract
1 tbsp Black Pepper
Olive Oil
Lemon Olive Oil (added for taste and for the Limonene to aid in extraction)

Okay, So I made this mix a week or two ago and it has been sitting and infusing. I shake it several times a day, but lately when I go to shake it, I notice a layer of blue liquid above the oil. It will mix back in when I shake it, but it separates out again after some time has passed. Anyone got any idea what this blue liquid could be? I'm guessing it's the alcohol from the Turmeric and Wormwood Extracts, but why is it blue?

Most likely because the alcohol acts as a solvent for one or more compounds from one or more ingredients in your mix.
You could start by making a few more batches, but leave one particular ingredient, and a different one, out of each different batch... Then by looking at which ones have the blue separation layer and which ones don't, you could figure out which ingredient(s) is/are the cause of this phenomenon... Then you could look up which compounds each ingredient has, then you would be on your way of being able to make an educated guess about the contents of the blue separation layer...
Or, you could look up the compounds in each of your ingredients, then look up which ones are soluble in alcohol, then make an educated guess...

Have you ever wondered if the nutmeg you buy in the store actually contains any actives? Where I live, no actives in nutmeg, all processed, even the "whole" nuts...

I have wondered that. Check and see if the nutmeg you bought was irradiated. Badia doesn't irradiate their nutmeg and thats the brand I have locally. Found this:

"The "nut" (aril), ground to a fine powder. Buy powdered nutmeg from a reputable source that guarantees that the powder is not made from previously BWP (broken-wormy-punky) nuts. It's also better not to use an irradiated product. Irradiating nutmeg breaks down the fatty acids that contain the essential oils that give nutmeg its aroma and flavor. Avoid irradiated nutmeg for best quality."

So the nutmeg you tried may have been irradiated and that would make it inactive.

I chewed 8 whole nutmegs last time and all I got was a headache and a light dissociation. My weight plays a large factor is dosing though, so they may contain actives and I just need to eat more of it. The blue layer didn't start appearing until I added the black pepper to the mix, so it may be something in the pepper extracted into the alcohol and caused it.

Found this, so maybe it is the Piperine from the black pepper mixing into the alcohol:

"Piperine forms monoclinic needles, is slightly soluble in water (40 mg/L, or 1g/25L (18°C)) and more so in alcohol (1g/15mL), ether (1g/36mL) or chloroform (1g/1.7mL): the solution in alcohol has a pepper-like taste. It yields salts only with strong acids. The platinichloride B4•H2PtCl6 forms orange-red needles. ("B" denotes one mole of the alkaloid base in this and the following formulae.) Iodine in potassium iodide added to an alcoholic solution of the base in presence of a little hydrochloric acid gives a characteristic periodide, B2•HI•I2, crystallising in steel-blue needles, mp. 145°C."

and

"Piperine fluorescence showed a blue shift upon binding to serum albumin"

and

"Piperine in alcohol solution gives a light blue fluorescence with ultra-violet light, and in chloroform a purple blue fluorescence is seen. The fluorescent material in black pepper behaves in a similar manner to piperine, whilst riboflavin gives a green fluorescence in both water and alcohol, and luminoflavin fluoresces green in alcohol, chloroform or water solutions."

I'm gonna guess that it's piperine. It's cool that it separates like that. If I chose to, I could probably remove the blue liquid and store it separately for other uses.

We smoked nutmeg when we were (much) younger...headaches, that was pretty much it...

My friend ate 12 ground up whole nutmeg nuts in some yogurt.
He got severe hallucinations and the experience was very strong but did not feel so nice.

I have read something about this being quite dangerous as the difference between working dose and dangerous dose is very small.
It can be wrong though as this was just Internet info.

I find extracting the essential oils of nutmeg and others quite interesting.