Preheat the oven to 400 degrees F. Line a baking sheet with foil.
Bake the bacon on the baking sheet until crisp, about 15 minutes. Transfer to a paper-towel-lined plate to cool and drain.
Combine the Cheddar, Gouda, cream cheese, mayonnaise, paprika, green onions pimentos, hot sauce and some salt and pepper in a bowl. Blend together with a hand mixer until creamy and well mixed. Chop the bacon and fold into the mixture.
Spread 1/2 cup pimento cheese between 2 slices of bread and sandwich together. Slice in half. Repeat with remaining pimento cheese and bread.