Combine butter, minced garlic, hot sauce, and pepper in a bowl; mix until fully combined. Set aside.
Preheat an outdoor grill for medium-high heat and lightly oil the grate.
Butterfly lobster tails by cutting lengthwise through the centers of the hard top shells and about halfway through the top of the meat with kitchen shears. With your fingers, press shell halves of the tails apart. Flip them over, and insert a skewer down the lobster tail so that the tail is easier to remove after cooking and doesn't curl up. Brush tails with olive oil and season with salt.
Place lobster tails on the preheated grill with the cut shell sides down; grill until shells are bright in color, 5 to 8 minutes. Flip and spoon 1 tablespoon butter mixture onto the butterflied meat through the cut in the shell. Grill until lobster meat is an opaque white color, 4 to 7 more minutes, basting once more with butter mixture.
Remove lobster tails from the grill and serve with more garlic butter and lemon wedges.