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1. Beat the butter and cheese in a large mixing bowl until light, then beat in the Worcestershire sauce. On low speed, beat in the flour, salt, and red pepper until well mixed. Divide dough into quarters. Shape each quarter into a log, 1 inch in diameter. Wrap logs in wax paper and refrigerate at least 3 hours or overnight.
2. Preheat oven to 375 degree F. Whisk together the egg yolks and milk in a small bowl. Cut 2 logs into 1/4-inch-thick slices. Arrange on 2 ungreased cookie sheets and brush tops with beaten egg mixture. Sprinkle with nuts. Bake for 10 to 12 minutes or until golden. Transfer to wire racks and cool. Repeat process with remaining logs, omitting the nuts. Makes about 12 dozen wafers.