Grits: combine water, 12 oz chicken broth, 7.5 ounces of heavy whipping cream to a boil in a large saucepan over medium heat. Slowly whisk in grits. Stir in Kosher salt, cheeses, butter and 1/2 tabasco (to taste). If too thick, stir in a little more broth. Add salt and pepper keepin over low heat.
Shrimp: In a large skillet over medium heat ,cook the bacon until the fat is rendered and the bacon browned. Remove the bacon and drain all but 1 tlbs of the fat. Chop bacon into bits and set aside.
Combine flour and 1/2 tsp black pepper. Place shrimp into mixture and cover with flour. Let sit for about 5 minutes to absorb flour. This helps thicken mixture.
In skillet with drippings, add yellow onion, bell pepper, mushroom, Saute about 3 minute Add 1/4 cup chopped scallions and garlic and saute 2 more minute.
Turn heat to med. high. remove shrimp from flour shake off excess. Add shrimp to skillet and saute about 2 minute until shrimp lightly browned.
Add 1/2 cup wine, using wooden spoon stir to loosen browned bits from bottom of pan. Stirring constantly slowly add 4 oz broth, 8.5 oz heavy cream, lemon juice, worcestershire sauce and tabasco. Cook about 2 minute If too thick add more broth or wine, as desired. Season with salt and pepper and spice.
Serve: spoon grits onto four plates making a cavity in the center. Top with shrimp mixture. Garnish with bacon bits and 1 tlbs scallions. You can add lemon wedges and cajun seasoning sprinkled around plate for appearance.