Lay the bacon in a large nonstick skillet and cook over medium heat until golden and crispy, about 5 minutes per side. Transfer to a paper-towel-lined plate to drain.
Lay 4 slices of the bread on a work surface. Spread one side of each slice with some mustard and top each with 2 slices of bacon. Evenly divide half of the Gouda and then half of the turkey among the sandwiches and season lightly with salt and pepper. Evenly spread the cranberry sauce over the top of each and top with the remaining turkey. Season lightly with salt and pepper. Top with the remaining Gouda and remaining 4 slices of bread to make 4 sandwiches total. Press down slightly on each sandwich.
Whisk together the milk, nutmeg and eggs in a medium bowl; season with salt and pepper.
Heat 2 large skillets over medium-low heat and add 1 tablespoon each of the butter and oil to each skillet. Dip each sandwich in the egg mixture to coat all over and lay them in the skillets. Cook, turning once, until golden brown, about 4 minutes per side. Transfer the sandwiches to a baking sheet and bake until the cheese is melted, about 6 to 8 minutes.
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