Cook grits according to package directions. Remove from heat, and stir in cheese, butter, and 3 tablespoons hot sauce until melted and blended. Cover and set aside.
Peel shrimp, and devein, if desired. Toss with salt and remaining 1 tablespoon hot sauce.
Cook bacon in a large skillet over medium-high heat 5 to 7 minutes or until crisp; remove bacon, reserving drippings in skillet. Crumble bacon. Add shrimp and green onions to skillet, and sauté 3 minutes or just until shrimp turn pink. Stir in lemon juice.
Spoon grits onto a serving platter; top evenly with shrimp mixture, and sprinkle with parsley and bacon. Serve with additional hot sauce, if desired.
Note: For testing purposes only, we used Frank's Original Hot Sauce.