In a large bowl, whisk the first eight ingredients. Gently stir in bread and pecans; let stand for 10 minutes or until bread is softened.
Transfer to an 8-in. square baking dish coated with cooking spray. Bake, uncovered, at 350° for 30-35 minutes or until a knife inserted in the center comes out clean.
For sauce, combine the sugar, cornstarch and salt in a small heavy saucepan. Stir in milk and evaporated milk until smooth. Cook and stir over medium-high heat until thickened and bubbly. Reduce heat; cook and stir 2 minutes longer.
Remove from the heat. Whisk a small amount of the hot mixture into the egg substitute; return all to the pan, whisking constantly. Bring to a gentle boil; cook and stir 2 minutes longer. Remove from the heat. Stir in the remaining ingredients. Serve warm with bread pudding. Refrigerate leftovers.