Coat a nonstick skillet with cooking spray; place over medium-high heat until hot. Add potato and next 4 ingredients; saute 7 to 9 minutes or until tender.
Combine egg substitute and next 4 ingredients. Stir well with a wire whisk.
Coat a 10-inch skillet with cooking spray; place over medium-high heat until hot. Pour half of egg substitute mixture into skillet. As mixture begins to cook, gently lift edges of omelet with a spatula, and tilt pan to allow uncooked portion to flow underneath. When set, spoon half of vegetable mixture over half of omelet. Sprinkle vegetable mixture with half of bacon and half of cheese. Loosen omelet with a spatula; carefully fold in half. Cook 1 to 2 additional minutes or until cheese begins to melt. Slide omelet onto a serving plate, cut in half, and keep warm. Repeat procedure with remaining egg mixture, vegetable mixture, bacon, and cheese.