For the grits: Bring 4 cups water to boil in a medium saucepan. Whisk in the grits and 1 teaspoon salt. Simmer until the grits are thickened, 5 to 7 minutes. Cover and keep warm.
For the shrimp: Meanwhile, pulse the garlic in a mini food processor until chopped. Add the butter, parsley and lemon zest and season to taste with salt and hot sauce. Process until smooth, then scrape into a small bowl. Remove 2 tablespoons of the "cowboy butter" to a small microwave-safe bowl and microwave to melt it; set aside.
Heat a large skillet over medium heat. Add the bacon and cook until crisp, about 3 minutes. Remove with a slotted spoon to paper towels to drain. Add the shrimp to the skillet and sprinkle with salt. Cook until no longer pink, about 3 minutes, then remove to a plate. Add 3 tablespoons cowboy butter to the skillet. When the butter is melted, add the onion and cook until it begins to soften, about 3 minutes. Sprinkle with the flour and stir until the onion absorbs the flour, about 1 minute. Whisk in the broth, cream and Worcestershire until smooth. Adjust the heat to a simmer over medium-low heat and cook until thickened and the onion is tender, about 5 minutes. Add the cooked shrimp and toss to heat through and coat in the sauce, 1 to 2 minutes. Season with hot sauce and salt to taste and squeeze in juice from 1 lemon wedge.
Stir the remaining 3 tablespoons cowboy butter into the hot grits until melted. Spoon the grits into shallow bowls. Top with the shrimp and sauce, then drizzle with the melted cowboy butter. Garnish with the cooked bacon and chopped parsley. Serve with the lemon wedges on the side.
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