1. Heat a large skillet over medium heat. Add 1 tablespoon oil to pan, swirling to coat. Add pancetta; cook for 10 minutes or until browned and crisp, stirring occasionally. Remove pancetta from pan, reserving 1 tablespoon drippings in pan; set pancetta aside. Add shallots; cook for 4 minutes or until tender, stirring occasionally. Add peas and garlic; cook for 1 minute, stirring occasionally. Add wine and thyme. Increase heat to medium-high. Bring to a boil; cook until liquid reduces to 2 tablespoons (about 3 minutes). Remove from heat.
2. Cook pasta in boiling water with 1 tablespoon kosher salt according to package directions, omitting additional fat. Drain the pasta in a colander over a bowl, and reserve 1/2 cup cooking liquid. Add pasta, 2 tablespoons extra-virgin olive oil, 1/2 teaspoon salt, and black pepper to pea mixture; toss well. Stir in reserved cooking liquid. Place about 1 1/4 cups pasta mixture in each of 4 shallow bowls; top each serving evenly with grated cheese and pancetta.