Heat oven to 350°F. Cook potatoes and peppers in oil in large skillet on medium heat for 4 to 5 min. until tender. Season with ¼ tsp. black pepper. Spread vegetables evenly in 13×9-inch pan sprayed with cooking spray. Whisk eggs, milk, hot sauce and remaining black pepper until blended; pour over ingredients in pan. Top with cheese. Bake 35 to 40 min., or until knife inserted in center comes out clean and top is lightly browned.