Combine first 3 ingredients in a shallow dish, stirring well.
Coat a large nonstick skillet with cooking spray. Add margarine; place over medium heat until margarine melts. Dip bread slices, one at a time, into egg substitute mixture, coating well.
Place bread slices in skillet, and cook 3 to 4 minutes on each side or until browned. Cut each bread slice in half diagonally. Sprinkle powdered sugar evenly over toast, and serve with warm Orange Sauce.