In A Skillet, Cook Bacon Over Medium Heat Until Crisp. Remove With A Slotted Spoon To Paper Towels. Drain, Reserving 2 Teaspoons Drippings. In Drippings, Saute Onion Until Tender; Set Aside. In A Bowl, Beat The Eggs, Water, Salt If Desired, Pepper And Pepper Sauce. Melt 1-1/2 Teaspoons Butter In A 10-In. Nonstick Skillet Over Medium Heat; Add Half Of The Egg Mixture. As The Eggs Set, Lift Edges, Letting Uncooked Portion Flow Underneath. When Eggs Are Set, Sprinkle Half Of The Bacon, Onion, Ham, Mushrooms, Green Pepper And Cheese On One Side; Fold Over. Cover And Let Stand For 1-2 Minutes Or Until Cheese Is Melted. Repeat With Remaining Ingredients For Second Omelet.