In a large skillet, add just enough of the oil so it reaches about 1/4 inch up the side. Heat to 350° F, or unitl a pinch of bread tossed in sizzles and turns a nice golden brown in a couple minutes.
In a medium-size bowl, make a wet batter by mixing 1 1/2 cups flour with the stock, milk, egg, chili powder, salt, paprika and pepper. (If too thick, add more milk...the consistancy should be like a thin/runny milk shake)
On a separate platter, add remaining flour plus 1 tbsp of the Adobo seasoning, mix well.
Cook for about 8 minutes, or until golden brown. Approx. 4 minutes per side
Drain for a couple minutes on plate lined with paper towels. (Keep cooked steaks in low-temp oven (200°F) until ready to serve.)
Heat the bacon grease (or butter) over medium heat.
Add the flour, and stir to incorporate. Add more flour if too wet (should resemble wet sand). Cook for 3 to 3 minutes, stirring frequently.
Gradually add the milk and cream, whisking vigerously until lumps are gone. Continue to stir with a wooden spoon until thickened.
Add salt (and seasoned salt, if using) and pepper, to taste.