Preheat oven to 350. Boil the macaroni until just barely done in salted water. Drain and toss with the butter in a large, ovenproof mixing bowl.
Mix the Tabasco into the evaporated milk. Reserving about 1/3 cup, stir the milk into the macaroni, then add 3/4 of the cheese, the eggs and the mustard. When well combined, season to taste with salt and pepper and set the bowl in the oven. Every five minutes, remove it briefly to stir in some of the reserved cheese, adding more evaporated milk as necessary to keep the mixture moist and smooth. When all the cheese has been incorporated and the mixture is nicely hot and creamy (which should take 20 minutes all told), serve at once with a plate of toasted common crackers to crumble over.