Combine lemon juice, hot sauce and raw shrimp. Set aside.
Cook bacon in a large nonstick skillet over medium heat until crisp. (While bacon is cooking bring 5 cups water to a boil in a separate saucepan for grits.) To the skillet add onion, bell pepper, and garlic to dripping and bacon pieces; cook 5 minutes or until tender, stirring occasionally.
Stir in shrimp mixture, broth and 1/4 cup green onions. Cook 5 minutes or until shrimp are done, stirring frequently.
While shrimp are cooking, add quick cooking grits to boiling water, stirring constantly. Reduce heat to low, simmer, covered for 5 minutes or until thick, stirring occasionally. Stir in butter, salt and 3/4 cup of the cheese.
To serve, pour grits in shallow bowl. Heap shrimp on top of your serving of grits with remaining cheese and green onions.