Coat a 9-inch loafpan with cooking spray. Line with heavy-duty plastic wrap, allowing plastic to extend over edges. Coat plastic wrap with cooking spray. Sprinkle 1/4 teaspoon pepper on plastic wrap.
Combine 1/2 teaspoon pepper, water, and next 3 ingredients in a saucepan; bring to a boil. Add grits, stirring constantly. Cover, reduce heat, and simmer 15 minutes or until thickened, stirring occasionally. Remove from heat; stir in cheese and hot sauce.
Spread half of grits mixture in pan; place bacon lengthwise on top of grits. Spoon remaining grits over bacon. Sprinkle with remaining 1/4 teaspoon pepper. Fold plastic wrap over grits; chill 8 hours.
Combine tomatoes and remaining 3 ingredients; cover and chill.
Invert grits loaf onto a cutting board; remove and discard plastic wrap. Cut loaf crosswise into 4 slices. Place on a baking sheet coated with cooking spray. Broil 3 inches from heat (with electric oven door partially opened) 10 minutes on each side or until golden. Top evenly with tomato mixture.