Over medium heat cook bacon in a large nonstick skillet for 10 minutes or until crisp; remove bacon, crumble, and drain on paper towels, reserving 1 tsp drippings in skillet.
Peel shrimp and devein, if desired.
Sprinkle shrimp with salt and pepper; then dredge in flour.
Sauté mushrooms in hot bacon drippings with oil in skillet 5 minutes or until tender.
Add green onions, and sauté 2 minutes.
Add shrimp and garlic, and sauté 2 minutes or until shrimp are lightly browned.
Stir in chicken broth, lemon juice, and hot sauce, and cook 2 more minutes, stirring to loosen particles from bottom of skillet.
Spoon shrimp mixture over hot Cheese Grits; sprinkle with crumbled bacon.
For Cheese Grits:
Bring first 3 ingredients and 1 1/3 cups water to a boil in a medium saucepan over medium-high heat; gradually whisk in grits. Reduce heat to low, and simmer, stirring occasionally, 10 minutes or until thickened. Stir in Cheddar cheese and next 3 ingredients.