Beat shortening in a large mixing bowl at medium speed of an electric mixer until creamy. Gradually add sugar, beating until blended. Add eggs, one at a time, beating well after each addition. Stir in vanilla.
Combine flour and next 3 ingredients; stir well. Add to sugar mixture, blending well. Stir in cereal.
Drizzle half of chocolate over dough; stir lightly. Drizzle remaining chocolate over dough; stir lightly, leaving streaks of chocolate. Drop dough by heaping teaspoonfuls 2" apart onto ungreased cookie sheets. Bake at 350° for 8 to 10 minutes or until golden. Remove to wire racks to cool.