Beat cheese and butter at medium speed with an electric mixer in a large bowl until blended. Add red pepper, Worcestershire sauce, and onion salt, beating just until blended. Gradually add flour, beating until mixture is blended and smooth.
Shape dough into 2 (10-inch-long) logs. Wrap each log in plastic wrap; chill at least 8 hours or up to 24 hours.
Cut logs into 1/4-inch-thick slices, and place on lightly greased baking sheets. Gently press 1 pecan half into center of each slice.
Bake at 350° for 14 to 16 minutes or until lightly browned. Remove to wire racks, and let cool completely.
Olive Cheese Bites: Omit pecan halves. Drain 1 (7 1/2-oz.) jar pimiento-stuffed olives on paper towels. Prepare cheese wafer dough as directed. Pinch off a 1-inch piece of dough. Wrap dough around 1 olive; roll in hands to form a ball, covering entire olive with dough, and place on a lightly greased baking sheet. Repeat procedure with remaining dough and olives. Bake at 350° for 15 minutes or until lightly browned. Makes about 4 dozen. Prep: 15 min., Bake: 15 min. per batch.