Cook the penne according to the directions on the package.
Heat oil in a large skillet over medium heat. Add the pancetta, stirring frequently so as not to burn, until cooked, about 6-8 minutes. Midway through the cooking, add the sausage discs. Add the shallots and garlic and cook until soft, not browned, about 3-4 minutes. Add Bolognese, Alfredo, milk, pasta water and crushed red pepper, stirring frequently until hot.
Transfer to a large mixing bowl. Add hot penne pasta and combine thoroughly.
Divide among 6-8 serving bowls and finish each with grated cheese as desired.