Spread honey mustard evenly over 1 side of each bread slice.
Place 1 Swiss cheese slice on each of 5 bread slices.
Divide shaved ham and shaved turkey evenly over Swiss cheese. Top with remaining 5 bread slices, mustard side down.
Whisk together 1/2 cup egg substitute and 1/3 cup milk; place in a shallow dish.
Dip both sides of each sandwich into egg substitute mixture.
Cook sandwiches in a lightly greased nonstick skillet over medium heat or in a griddle set to 325 for 3 to 4 minutes on each side or until lightly browned.
Sprinkle evenly with powdered sugar, and top each sandwich with 1 tablespoons jam; serve immediately.