To assemble: Toast bread. Once toasted, use a small biscuit cutter to punch out bite-sized rounds. Assemble by topping the toasted round with a teaspoon of pimento cheese, then a small dollop of bacon jam.
For pimento cheese: Place half the cheddar into the large bowl of a mixer with cream cheese, mayonnaise, garlic powder, cayenne, onion powder, jalapeño, and diced pimentos. Beat at medium speed with paddle attachment until thoroughly combined. Add the remaining cheddar and more mayonnaise if needed. Season to taste with salt and pepper. Add hot sauce if desired.
For bacon jam:
- Cut bacon into 1-inch pieces. In a heavy-bottomed pan over medium-low heat, cook bacon, stirring regularly until crispy. Drain off halfthe bacon fat and reserve for future use. Add onions and garlic to pan with remaining fat and cook until onions begin to caramelize, about 10 minutes. Add remaining ingredients. Reduce heat to simmer, cover, and cook for 30 to 45 minutes. Stir occasionally, adding water if mixture becomes too thick.
- When bacon is tender, remove from heat and cool for 30 minutes. Transfer bacon mixture to a food processor and pulse in batches to desired consistency (Wight prefers it slightly chunky).