Preheat your oven to 200 degrees F (95 degrees C) and place a baking sheet on the middle rack.
Place a large nonstick skillet over medium heat.
Whisk the eggs, milk, salt, pepper and nutmeg together in a shallow bowl or pie plate. Place two pieces of bread into the custard mixture and allow them to soak for about 30 seconds on each side.
Add 2 teaspoons of butter and 1 teaspoon of oil to the pan and swirl to combine. Add in four slices of custard-soaked bread and cook for 3 to 4 minutes per side, or until golden brown. Transfer to the oven to keep warm. Soak the remaining bread and cook the French toast in the remaining butter and oil.
In the same skillet, cook the pancetta over medium heat, if using, until crisp, flipping as needed, about 4 minutes.
Remove the French toast from the oven and sprinkle each piece with about 1/4 cup of grated cheese. Return to the oven, turn the broiler on to high and broil until the cheese is melted and lightly golden brown, about 1 to 2 minutes.
Top each piece with a couple of pieces of crispy pancetta, if using, and serve two slices of French toast per person, drizzled with maple syrup.
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