For the grits: Bring 3 cups of the stock to a boil in a medium saucepan. Slowly stir in the grits. Return to a boil and cook over a medium heat for 3 to 4 minutes. Turn down the heat to low and stir in the pepper jack, queso blanco and crema. Cook for another 3 to 4 minutes. Stir in the butter and keep warm.
Heat the remaining 2 cups chicken stock in a separate pan.
For the shrimp: Meanwhile, add the butter and olive oil to a large skillet over a medium-high heat. Sprinkle the shrimp with the taco seasoning and a pinch of salt and pepper. Add the shrimp to the skillet and cook until they begin to turn pink, 1 to 2 minutes on each side, then remove and set aside. (The shrimp will finish cooking later in the sauce.)
Add the chorizo to the skillet and break it up with a spatula. Add the onion and all the peppers to the skillet and season with salt and pepper. Continue cooking until the chorizo is cooked through, 4 to 5 minutes. Add the tomato paste and cook for an additional minute. Stir in the hot stock and hot sauce to taste. Return the shrimp to the skillet with their juices. Cook until the shrimp are cooked through, an additional 2 minutes. Add the lime juice. Taste and adjust seasoning as needed.
To serve, spoon the shrimp and sauce over the grits and garnish with the cilantro.