Bring 5 cups water and salt to a boil in a medium saucepan; gradually stir in grits. Cook over medium heat 8 minutes or until thickened. Whisk in pepper and cheese; spoon into a lightly greased 11- x 7-inch baking dish. Cover and chill 8 hours.
Snap off tough ends of asparagus. Combine asparagus and water to cover in a saucepan. Bring to a boil, and cook 5 minutes or until crisp-tender. Drain and plunge asparagus into ice water to stop the cooking process.
Cut grits into 8 (3- x 3-inch) squares. Lightly dredge in flour. Melt butter with oil in a large nonstick skillet over medium-low heat. Cook grits squares, in batches, 3 to 4 minutes on each side or until golden. Top each square with asparagus, poached egg, and Creamy Shrimp Sauce. Serve immediately. Garnish, if desired.