Set the bacon between two paper towels and cook in the microwave on high for 3 minutes.
Heat a skillet on medium heat. Spray the skillet with cooking spray. Mix together the egg substitute, evaporated milk, black pepper, and pepper sauce. Cook for 2 minutes, lifting the cooked side up so that the uncooked mixture can get underneath.
Remove from heat, place cheese slices on top, cover, and let sit for 1 minute.
Toast the bread and spread 1/2 teaspoon of margarine over each piece. Cut the bacon in half and set 2 halves on top of 4 pieces of toast. Put 1/4 of the egg mixture over the bacon and put another piece of toast on top.