In a small bowl, mix together the eggs, milk and oil. In a larger bowl, stir together the flour, cornmeal, baking powder, sugar and salt. Make a well in the center, and pour in the milk mixture. Stir until well blended.
Pour 1/4 cup batter onto the heated waffle iron. Amount may be different for different irons. Place a strip of raw bacon over the batter across each section of the waffle iron. Close the lid, and cook until steam is no longer coming out, and the waffle is golden brown.
For the cheese sauce, melt processed cheese in a bowl in the microwave. Gradually stir in milk until you reach your desired thickness. Drizzle cheese sauce over waffles before serving.