Place butter, Worcestershire sauce, seasoned salt, garlic powder, onion powder, hot spice/sauce in a microwave-safe measuring cup. Microwave in 10-second intervals, stirring between each, until melted, 30 to 60 seconds total. (Alternatively, melt in a small saucepan on the stovetop. over low heat.) Whisk well to combine.

Heat the oven to 225°F (convection).

Put peanuts in large mixing bowl. Cover with 1/3 to 1/2 the sauce. Add pretzels, and toss to combine. Add some Chex in small amounts and toss. When bowl is full, remove mixture with slotted spoon and put on rimmed baking sheet or broiler pan (may need 2 pans, divide each bowl equally between pans). When sauce runs low, add from measuring cup. Continue to add Chex until out of sauce.

Pour the dregs of the butter mixture over the Chex mixture in the pan(s) and gently toss to coat.

Bake, stirring every 15 minutes, until lightly browned and crisp, 45 to 50 minutes total. Let cool for 10 minutes on the baking sheets before serving.