1. In a medium saucepan, combine the water, milk, 1 tablespoon of the butter, the Tabasco, paprika, 1 teaspoon of the salt, and 1/8 teaspoon cayenne. Bring to a boil over moderately high heat. Add the grits in a slow stream, whisking. Reduce the heat, cover, and simmer, stirring frequently with a wooden spoon, until the grits are very thick, 5 to 10 minutes. Remove the saucepan from the heat and stir in the cheese. Cover to keep warm.
2. Meanwhile, in a large nonstick frying pan, melt the remaining tablespoon of butter over moderate heat. Add the bell peppers and scallions and cook, stirring frequently, until the vegetables start to soften, about 5 minutes. Add the beans, broth, 1/4 teaspoon cayenne, and the remaining 1/4 teaspoon salt. Bring to a simmer and cook, stirring frequently, until the beans are hot, about 5 minutes. Remove from heat and stir in the tomatoes. Serve over the cheese grits.
Wine Recommendation: The robust and varied flavors in this dish want a big, spicy, and fruity red wine to match their intensity. Zinfandel seems to have an affinity for black beans, and a sturdy example from the Napa Valley will suit these grits and beans well.