In a medium saucepan, prepare polenta/grits according to package directions (takes 5 minutes). Whisk in butter or oil, cheese, hot sauce, and black pepper. Place lid on pot and set aside.
In a heavy-bottomed skillet, saute pancetta or bacon until crispy over medium-high heat. Add olive oil and butter and melt. Add shallot or green onion and garlic and saute until translucent. Add pepper and saute until soft.
Reduce heat to medium and sprinkle Wondra flour over sauteed mixture. Slowly whisk in warm chicken broth. Immediately add shrimp and stir to coat with gravy, which will continue to thicken upon cooking. Add additional broth if needed to thin. Cook 2-3 minutes, or until shrimp is pink; add additional hot sauce and black pepper. Remove from heat.
To plate, mound grits in a shallow bowl and top with shrimp and gravy. Serve immediately.