Preheat oven to 350oF. Boil the macaroni until just barely done in salted water. Drain and toss with the butter in a large, ovenproof mixing bowl. Mix the hot pepper sauce into the evaporated milk. Reserving about 1/3 cup, stir the milk into the macaroni, then add the eggs, the mustard, and three quarters of the cheddar cheese . When well combined season to taste with salt and pepper, and set the bowl directly in the oven. Every five minutes, remove it briefly to stir in some of the reserved cheese, adding more evaporated milk as necessary to keep the mixture moist and smooth.
When all the Cheddar Cheese has been incorporated and the mixture is nicely hot and creamy (which should take about 20 minutes or so), serve it at once, with toasted crackers to crumble over.