Spread the Dijon mustard over the slices of bread (1/2 tbsp. per slice).
Evenly spread the chopped turkey bacon and shredded cheese over the mustard-coated bread.
Evenly portion the sliced turkey on four of the slices of bread (3 oz. per slice).
Top the turkey with the other slice of bread.
Beat the eggs, water and nutmeg together in a bowl large enough to hold one sandwich at a time.
In a heavy-duty skillet that is large enough to hold all four sandwiches, melt and heat the butter and oil over low to medium heat.
Dip the sandwiches into the beaten eggs, coating both sides of the sandwiches.
Carefully place into the skillet with the heated butter and oil and cook for approximately four minutes per side; cook to a golden brown (sandwich will be warmed totally through and the cheese will be melted).
Remove the sandwiches from the skillet and place on a cutting board; cut in half diagonally and arrange on a plate.
Serve each sandwich with ¼ cup of cranberry sauce.