First, fry the potatoes. Peel the potatoes and slice into 1/4-inch pieces. Heat vegetable oil in a large cast iron skillet over medium-high heat until shimmering, then add potatoes to the skillet and season with salt and pepper. Fry until crispy, about 45 minutes, turning the potatoes over occasionally.
While the potatoes cook, crisp the bacon in a large frying pan over medium-high heat, turning over halfway through cooking. Drain on paper towels, then roughly chop into smaller pieces.
Next, prepare scrambled eggs. You'll want to start this step when the potatoes are about 10 minutes away from being ready. Whisk eggs and milk in a small bowl, then pour into a greased frying pan and scramble over medium-low heat until fluffy. You can use the frying pan you cooked the bacon in for easier cleanup - just make sure to drain the excess bacon grease before adding the eggs.
Once the eggs are cooked, turn heat to low. Add both cheeses and stir to combine until the cheese is completely melted.
Finally, carefully drain any excess oil from the fried potatoes and combine in the large cast iron skillet with scrambled eggs and bacon. Stir in Frank's Red Hot or other hot sauce, to taste.
Serve family-style and enjoy!