Heat vegetable oil in a large skillet over med-high heat.
In a shallow pan, such as a pie pan, combine the flour, cornmeal, 1 teaspoon salt and a few grindings of pepper.
One by one, shake off the excess moisture from the oysters, then dredge in flour mixture, thoroughly coating them.
When the oil is very hot, carefully add the oysters and fry until golden brown on one side, about 3 minutes.
Turn oysters over and fry until completely golden, about 2 minutes; transfer to paper towels to drain; reserving the oil in the pan.
While the oysters are frying, cook the bacon in a large nonstick skillet over medium heat for 8-10 minutes, until just crisp.
Meanwhile, in a bowl, whisk together the eggs, milk, remaining ¼ teaspoon salt, and a few grindings of pepper.
Drain off the bacon fat but leave the bacon in the pan; add 1-2 tablespoons of oil from the oysters to the bacon.
Heat the pan briefly over medium heat, then add the egg mixture; scramble, stirring constantly until just set, about 3 minutes.
Remove the pan from the heat and fold in the oysters; serve immediately.