Put the shredded cheese in a bowl and set aside. Hard cook and chop the egg, then set aside. Melt the butter in a skillet over low heat. Add and cook the onion until transparent then add the flour and stir until well blended. Heat until bubbly and then add the cream, salt and tobasco sauce gradually while stirring constantly. Cook until the mixture boils. Cook 1 to 2 minutes longer and remove from the heat. Blend in the lemon juice. Add the creamed mixture to the cheese and add the egg, pimento and stuffed olive slices to the mixture. Mix until well blended and set aside. Pan broil the bacon slices until they are partially cooked and still limp. Spread the bread with the softened butter and then spread the cheddar mixture on the bread, allowing 1/4 cup for each slice. Top each slice with 2 of the bacon slices crossed diagonally. Set the oven temperature to broil (500 or higher degrees F.) Arrange the sandwiches on the broiler rack and place in broiler with the tops of the sandwiches 3-inches below the heat source. Broil until cheddar mixture is bubbly and slightly browned and bacon slices are crisp. Serve hot. Makes 6 open faced sandwiches