Cook grits according to instructions on package. As grits are finishing, whisk in butter, Cheddar, Parmesan, cayenne, paprika, and Tabasco. After all ingredients are incorporated, season with salt and pepper.
Cook bacon until it begins to brown. Remove from heat, strain, and reserve bacon grease and bacon bits.
Heat large skillet until very hot. Add olive oil and 2 tablespoons bacon grease. As oil begins to smoke, toss in shrimp to cover bottom of pan. Before stirring, season with salt and pepper (this will season shrimp in particular, but the rest of the dish as well).
Stir until shrimp begin to turn pink all over (let pan return to original hot temperature). Stir in minced garlic and bacon bits (be careful not to burn the garlic). Toss in mushrooms and coat with oil briefly.
Add lemon juice and wine. Stir for 30 seconds or until everything is well coated and incorporated. Assuming the dish is ready to be served, toss in sliced scallions and stir for about 20 seconds. ( If these hold too long before serving, they will begin to turn brown and lose all of their crunch.)
Serve over the patiently waiting cheese grits.