Make the franks: Whisk the flour, cornmeal, sugar and paprika in a large bowl. Add the egg and milk and whisk to make a thick batter, adding more milk if the mixture is too dry. Add 1/4 teaspoon salt, and pepper to taste.
Heat about 2 inches vegetable oil in a large pot over medium-high heat until a deep-fry thermometer registers 375 degrees F. Dip the franks in the batter, then carefully wrap a long curly fry around each. (If desired, thread the franks on wooden skewers before wrapping with fries.)
Working in batches, fry the franks in the hot oil, turning, until golden on all sides, 3 to 4 minutes. Remove with a slotted spoon and drain on paper towels; sprinkle with salt.
Meanwhile, make the dip: Whisk the Sriracha, lime juice and mayonnaise in a bowl. Serve with the franks.
Photograph by Charles Masters
Recipe courtesy Food Network Magazine