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Cut butter into cubes, and place in the freezer until ready to use. Combine shrimp, hot sauce, salt, black pepper, cayenne pepper, and bay leaf in a large bowl. Heat a large heavy-bottomed sauté pan or brazier over high until very hot, 3 to 4 minutes.
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Add oil to pan; stir in scallions and garlic, and cook, stirring constantly with a wooden or stainless steel cooking spoon, to keep the garlic moving and avoid burning, about 30 seconds. Add honey, 2 1/2 tablespoons hot water, and Worcestershire sauce; cook for 30 seconds. Add seasoned shrimp and lemon juice to hot pan; pour in cola (or beer or wine, if using instead), stirring to deglaze the pan and scrape up any browned bits. Cook shrimp for 2 minutes in the sauce that forms in the pan, stirring and shaking the pan to keep the shrimp moving.
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Remove butter from the freezer. Reduce heat to medium, and add butter, a few pieces at a time, cooking and stirring constantly, 2 to 3 minutes. Reduce heat to low. To taste for doneness and seasoning, remove one shrimp, and carefully but quickly peel it, then taste, taking care not to burn yourself. Shrimp should be firm and seasoned. The shrimp are usually done at this point, as they will continue cooking with residual heat for a few more minutes, but depending on the size, you may need to cook them for 1 minute more. Adjust seasoning, and garnish with parsley. Serve immediately with crusty bread and lemon wedges.